“一带一路”进程中人民币国际化影响因素的实证分析  

An Empirical Study on Factors Affecting the Internationalization of RMB in the Process of“One Belt and One Road”

作　　者：林乐芬[1] 王少楠[2] 

机构地区：[1]南京农业大学金融学院财政金融研究中心 [2]南京农业大学金融学院

出　　处：《国际金融研究》2016年第2期75-83,共9页Studies of International Finance

摘　　要：本文利用系统GMM模型,探讨中国在"一带一路"进程中人民币国际化的影响因素。结果表明,经济规模、对外直接投资(OFDI)、贸易规模、经济自由度等因素显著影响货币国际化水平,人民币可利用"一带一路"这一平台,通过扩大对外投资、活跃欧亚贸易等途径显著提高其国际化水平,同时人民币国际化发展依然需要发挥政府的调控作用,逐步开放资本项目。因此,本文结合"一带一路"建设以及研究结果提出"对外投资与贸易→经济互动效应→资本项目有序开放→人民币国际化"实现路径的政策建议。This paper uses Generalized method of moments（GMM） model to study the factors of the internationalization of RMB in the process of ＂One Belt and One Road＂. The result shows that economic strength, foreign direct investment（OFDI）, trade scale and economic freedom can significantly affect the level of of RMB internationalization. Expanding OFDI and active trading are two ways to improve the level of RMB internationalization by the platform of ＂ One Belt and One Road＂. Simultaneously, government regulation still plays an important role in RMB internationalization and it also needs to open up capital account gradually. So, combined with the research result of ＂ One Belt and One Road＂, the paper gives a new way to improve the internationalization of RMB： OFDI and Trading → Interactive Economic Effects → Capital Account Deregulation → RMB internationalization

关 键 词：“一带一路” 对外直接投资 对外贸易 经济互动效应 人民币国际化 

分 类 号：F831[经济管理—金融学]