Measuring the importance of RMB in the exchange rate spill-over networks: new indices of RMB internationalisation  

作　　者：Yinggang Zhou Xin Cheng Yiming Wang 

机构地区：[1]Department of Finance,School of Economics,Wang Yanan Institute for Studies in Economics,Xiamen University,Xiamen,China [2]Department of Finance,School of Economics,Xiamen University,Xiamen,China

出　　处：《Economic and Political Studies》2020年第3期331-354,共24页经济与政治研究（英文版）

基　　金：supports from National Natural Science Foundation of China[71571106];Natural Science Foundation of Jilin Province[71871195];the Ministry of Education of the Peoples Republic of China[18YJA790121],and Mindu Educational Fund。

摘　　要：Using an innovative network approach,this study constructs new indices of the renminbi(RMB)internationalisation and presents strong evidence of the RMB’s growing influence globally and regionally.We identify networks of exchange rate spill-overs and examine time-varying spill-over intensities among the RMB and world major currencies of G20 members as well as currencies related to the Belt and Road Initiative(BRI).Shocks from the RMB generate intensifying spill-overs across currency networks.The role of the RMB in the networks has increased steadily over time.Our findings highlight that the RMB has become increasingly important since China has initiated the marketisation reform of its currency and proposed to build the modern Belt and Road.

关 键 词：RMB spill-over financial network the Belt and Road Initiative(BRI) 

分 类 号：F42[经济管理—产业经济]