货币国际化水平的影响因素分析*——来自国家层面多边数据的经验证据

经济理论与经济管理

货币国际化水平的影响因素分析*——来自国家层面多边数据的经验证据

雷达,马骏

中国人民大学经济学院

出版日期:2019-08-16 发布日期:2019-08-20
基金资助:
本文得到了教育部人文社会科学重点研究基地重大项目“国际货币体系与人民币国际化”(12JJD790016)和教育部人文社会科学研究规划基金项目“出口质量升级的影响因素研究：龙头效应还是基础条件”（19YJA790125)的资助。

AN EMPIRICAL ANALYSIS ON INFLUENTIAL FACTOR OF CURRENCY INTERNATIONALIZATION ——Empirical Evidence from Multilateral Data at the National Level

LEI Da,MA Jun#br#

School of Economic, Renmin University of China

Online:2019-08-16 Published:2019-08-20

摘要/Abstract

摘要：

本文从货币发行国与使用国角度入手，基于国家层面多边（多种货币在多个国家使用)外汇交易数据，采用货币发行分布和货币使用分布指标衡量货币国际化水平，对影响货币国际化水平的因素进行实证分析，结果表明：货币发行国的经济体量越大、金融市场发展程度越高、货币网络外部性越大，其货币国际化水平越高。同时货币发行国与使用国间汇率波动越小、贸易投资额越大、地理和文化间距离越近，则使用国越倾向使用该货币。

关键词: 货币国际化 , 多边数据 , 系统矩估计

Abstract:

Based on the data of multilateral foreign exchange transactions at the national level and from the perspective of issuing and using countries, this paper uses the

distribution of currency issuing and currency using to measure the level of currency internationalization, and makes an empirical analysis of the factors affecting the level of currency internationalization. The results show that the larger the economic volume, the more development of financial markets and the greater the externality of the monetary network of the issuing country, then the higher the level of internationalization of the currency. At the same time, the smaller the exchange rate fluctuations, the greater amount of trade and investment and the closer of geographical and cultural distance between the issuing and using countries, then the more likely the using countries are to use the currency.

Key words: currency internationalization , multilateral data , system GMM

雷达,马骏. 货币国际化水平的影响因素分析*——来自国家层面多边数据的经验证据[J]. 经济理论与经济管理.

LEI Da,MA Jun. AN EMPIRICAL ANALYSIS ON INFLUENTIAL FACTOR OF CURRENCY INTERNATIONALIZATION ——Empirical Evidence from Multilateral Data at the National Level[J]. Economic Theory and Business Management.