發(fā)布時間：2018-09-11 08:40

【摘要】：本文將我國貨幣互換協(xié)議的歷程劃分為三個時段,對其背后的動因進(jìn)行了分析,揭示出:(1)次貸危機(jī)前的動因主要是,尋求亞洲區(qū)域合作,增強(qiáng)抵御外來沖擊的能力,促進(jìn)區(qū)域經(jīng)濟(jì)發(fā)展;(2)次貸危機(jī)中的動因主要是,提供短期流動性,穩(wěn)定市場預(yù)期和信心,促進(jìn)對外貿(mào)易和投資,防止經(jīng)濟(jì)增長放緩;(3)次貸危機(jī)后的動因側(cè)重于推動人民幣國際化、促進(jìn)經(jīng)濟(jì)增長。三個時段的動因帶有歷史承接性,但又體現(xiàn)出一定的"時變性"。另外,與美國同期對比后發(fā)現(xiàn),我國中央銀行對貨幣互換協(xié)議進(jìn)行了期限上的創(chuàng)新以將其用于對外貿(mào)易、投資,并兼顧人民幣國際化,從而多元化了其目標(biāo)。
[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.
【作者單位】： 復(fù)旦大學(xué)經(jīng)濟(jì)學(xué)院國際金融系;
【分類號】：F832.6

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本文編號：2236181