中国货币互换协议的动因分析
发布时间：2018-09-11 08:40
【摘要】：本文将我国货币互换协议的历程划分为三个时段,对其背后的动因进行了分析,揭示出:(1)次贷危机前的动因主要是,寻求亚洲区域合作,增强抵御外来冲击的能力,促进区域经济发展;(2)次贷危机中的动因主要是,提供短期流动性,稳定市场预期和信心,促进对外贸易和投资,防止经济增长放缓;(3)次贷危机后的动因侧重于推动人民币国际化、促进经济增长。三个时段的动因带有历史承接性,但又体现出一定的"时变性"。另外,与美国同期对比后发现,我国中央银行对货币互换协议进行了期限上的创新以将其用于对外贸易、投资,并兼顾人民币国际化,从而多元化了其目标。
[Abstract]:This paper divides the course of China's currency swap agreement into three periods, and analyzes the motivation behind it. It reveals that: (1) the motivation before the subprime mortgage crisis is mainly to seek regional cooperation in Asia to enhance the ability to resist external shocks. Promoting regional economic development; (2) the main drivers of the subprime mortgage crisis are, inter alia, the provision of short-term liquidity, the stabilization of market expectations and confidence, and the promotion of foreign trade and investment, To prevent economic growth from slowing down; (3) the motivation after the subprime mortgage crisis focuses on promoting the internationalization of RMB and promoting economic growth. The motivation of the three periods is historical, but it also reflects a certain "time variability". In addition, in comparison with the same period in the United States, it is found that the central bank of our country has innovated in the term of currency swap agreements in order to apply them to foreign trade, investment, and the internationalization of the RMB, thus diversifying their objectives.
【作者单位】： 复旦大学经济学院国际金融系;
【分类号】：F832.6
[Abstract]:This paper divides the course of China's currency swap agreement into three periods, and analyzes the motivation behind it. It reveals that: (1) the motivation before the subprime mortgage crisis is mainly to seek regional cooperation in Asia to enhance the ability to resist external shocks. Promoting regional economic development; (2) the main drivers of the subprime mortgage crisis are, inter alia, the provision of short-term liquidity, the stabilization of market expectations and confidence, and the promotion of foreign trade and investment, To prevent economic growth from slowing down; (3) the motivation after the subprime mortgage crisis focuses on promoting the internationalization of RMB and promoting economic growth. The motivation of the three periods is historical, but it also reflects a certain "time variability". In addition, in comparison with the same period in the United States, it is found that the central bank of our country has innovated in the term of currency swap agreements in order to apply them to foreign trade, investment, and the internationalization of the RMB, thus diversifying their objectives.
【作者单位】： 复旦大学经济学院国际金融系;
【分类号】：F832.6
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