文献详情
The road to currency internationalization: Global perspectives and chinese experience
文献类型：期刊
通讯作者：Wang, XS (reprint author), Renmin Univ China, Sch Econ, Zhongguan Cun Rd 59, Beijing 100872, Peoples R China.
期刊名称：EMERGING MARKETS REVIEW
年：2019
卷：38
页码：73-101
ISSN：1566-0141
关键词：RMB internationalization; gravity model; vehicle currency; Belt and Road Initiative
所属部门：经济学院
摘要：This paper studies international currency use in financial transactions. A currency becomes international when it circulates outside of its issuing country, and advances to vehicle currency status if used by non-residents. With currency information from the SWIFT dataset, we estimate a gravity model to explain the geographical distribution of international currency use. A higher level of economic integration and stable macroeconomic conditions increase the international use of major currencies s ...More
This paper studies international currency use in financial transactions. A currency becomes international when it circulates outside of its issuing country, and advances to vehicle currency status if used by non-residents. With currency information from the SWIFT dataset, we estimate a gravity model to explain the geographical distribution of international currency use. A higher level of economic integration and stable macroeconomic conditions increase the international use of major currencies such as USD and EUR. Merchandise trade and portfolio investment are most helpful in increasing the direct use of currency, while foreign direct investment (FDI) has a stronger effect on promoting vehicle use. Merchandise trade improves the intensity of the global use of the Chinese renminbi (RMB), while FDI increases the number of its users. The policy effect on RMB internationalization is significant only in enhancing the intensity of direct use. Furthermore, the global use of RMB is decreasing by distance, implying that its role is more regional. We recommend outward FDI through the Belt and Road Initiative to further promote RMB internationalization. ...Hide

DOI：10.1016/j.ememar.2018.11.003
百度学术：The road to currency internationalization: Global perspectives and chinese experience
语言：外文
被引频次：1
人气指数：1
浏览次数：1
基金：start-up program in School of International Trade and Economics, Central University of Finance and Economics; Center for Global Economy and Sustainable Development at Central University of Finance and Economics; Major Program of the National Science Fund [17ZDA097]; National Natural Science Foundation of ChinaNational Natural Science Foundation of China [71473254, 71673280]
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