本币升值、出口竞争力和跨境贸易计价货币选择  

Currency Appreciation,Competitiveness of Export and Choice of Invoice Currency in Cross-border Trades

作　　者：罗忠洲[1] 徐淑堂[2] 

机构地区：[1]复旦大学金融研究院 [2]复旦大学经济学院

出　　处：《世界经济研究》2012年第1期27-32,87-88,共6页World Economy Studies

基　　金：教育部人文社会科学基金项目"本币升值;国内物价与金融稳定"(No.08JC790037);上海市哲学社会科学一般课题"境外人民币回流机制研究:基于上海国际金融中心建设的视角"的阶段性研究成果;"中央高校基本科研业务费专项资金"的资助

摘　　要：本文在全面回顾跨境贸易计价货币选择理论的基础上,通过引入贸易国利差变量拓展了Goldberg和Tille(2005)模型,并实证分析了1984～2009年日元计价货币选择的影响因素。本文研究发现,出口商倾向于选择利率高、预期将升值的货币作为计价货币。日元持续升值、日本出口企业竞争力的提高有利于日元计价货币的选择,日美利差的扩大不利于日元计价货币的选择。Based on reviewing the theories regarding the choice of invoice currency in cross-border trades,this paper expands the model of Goldberg and Tille(2005) by introducing the interest differential,and then it empirically analyzes the factors affecting choosing Yen as the invoice currency from 1984 to 2009.The paper find that exporters tend to choose the currency which has higher interest rate and is expected to appreciate.The continuous appreciation of the Yen and improvement of competitiveness of Japanese export enterprises benefit the choice of Yen,but the expansion of interest differential between Japan and America is bad for that.

关 键 词：计价货币选择 本币升值 出口竞争力 利差 

分 类 号：F833.13[经济管理—金融学] F753.13F224