The impact of yuan internationalization on the stability of the international monetary system

被引：9

作者：

Benassy-Quere, Agnes ^{[1
]}

Forouheshfar, Yeganeh ^{[2
]}

机构：

[1] Univ Paris 01, Paris Sch Econ, F-75231 Paris 05, France

[2] Univ Paris 09, F-75775 Paris 16, France

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2015年 / 57卷

关键词：

China; Yuan; Exchange-rate regime; Euro; Dollar; EXCHANGE-RATE VOLATILITY; TRADE; UNCERTAINTY; IRREVERSIBILITY; INVESTMENT; DOMINANCE; CURRENCY; DOLLAR;

D O I：

10.1016/j.jimonfin.2015.05.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the implication of yuan internationalization on the stability of the international monetary system. More specifically, we use a three-country, three-currency portfolio model to analyze the impact of yuan internationalization on exchange rates in the event of trade shocks, with stock-flow adjustment of the net foreign asset positions. We show that the internationalization of the yuan would lessen the response of floating exchange rates to asymmetric trade shocks as well as attenuate the distortionary impact of China keeping its currency pegged to the dollar. Conversely, yuan internationalization would amplify the impact of trade shocks on net foreign asset positions, albeit to a limited extent. (C) 2015 Elsevier Ltd. All rights reserved.

引用

页码：115 / 135

页数：21

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