时间偏好不一致视角下我国外汇储备结构测度分析  

Measurement and Analysis of the Structure of China's Foreign Exchange Reserve on the Basis of Time Inconsistency Preference

作　　者：王富全[1] 朱建明[2] 

机构地区：[1]中国人民银行济南分行,山东济南250021 [2]中国人民银行临沂市中心支行,山东临沂276000

出　　处：《金融发展研究》2016年第5期61-66,共6页Journal Of Financial Development Research

摘　　要：随着人民币国际化进程加快及我国宏观经济发展转型,目前我国外汇储备中美元计价资产占比过高而黄金等其他储备资产占比不足的结构模式已明显不能适应经济发展需求。为更好分析影响我国外汇储备结构因素,探索增持黄金储备的必要性及可行策略,本文利用时间偏好不一致理论建立数理模型,对我国现行外汇储备结构管理现状和问题进行深入分析,并据此提出可行建议。With the accelerated internationalization of the RMB and China＇s macroeconomic development and transformation, the structure of China＇s foreign exchange reserves with a high proportion of dollar-denominated assets and a low proportion of other reserve assets such as gold obviously can not meet the need of economic development. In order to better analyze the factors affecting the structure management of China＇s foreign reserves, and explore the feasi- ble strategyof holding more gold reserves, this paper uses the theory of time inconsistency preference theory to estab- lish a mathematical model, deeply analyzes the current situation and problems of the structural management of China＇s foreign reserves and puts forward practical recommendations.

关 键 词：时间偏好不一致 损失厌恶 黄金储备 

分 类 号：F830.73[经济管理—金融学]