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作 者:沈军[1,2] 霍洁怡 江美霓 Shen Jun;Huo Jieyi;Jiang Meini(School of Economics,Jinan University;Southem China Institute of Finance;Zhuhai Center Sub-branch of People's Bank of China)
机构地区:[1]暨南大学金融系 [2]南方高等金融研究院 [3]中国人民银行珠海市中心支行
出 处:《国际金融研究》2022年第5期23-33,共11页Studies of International Finance
基 金:国家自然科学基金项目“基于GAS模型的大宗商品市场系统性风险测度及其应用研究”(72001090);国家自然科学基金项目“公共信息对人民币外汇市场价格发现的作用机制研究”(72103077)资助。
摘 要:依据大国金融发展战略“货币国际化→国际货币权力→国际金融权力”的递进逻辑,本文从网络中心性的视角探讨金融资产投资和贸易地位对国际金融权力的影响。本文借鉴Heep (2014)的研究成果,运用熵值法系统测算了相关国家或地区的国际金融权力,结果表明:中国的国际金融权力在波动中上升,2019年中国国际货币权力排名第六,国际金融权力排名第四。本文运用系统GMM方法检验贸易地位和总体及分类金融资产发行国地位对该国或地区国际货币权力的影响,并进一步延伸分析金融资产投资和贸易地位与国际金融权力的关系。实证研究发现:第一,贸易和金融资产投资网络中心性的提高有助于提升一国或地区的货币权力,且一国或地区长期债券投资网络中心性对一国或地区的国际货币权力的提高有显著的促进作用。第二,贸易网络中心性对国际金融权力有非线性的影响,在一定范围内,贸易网络中心性的提高能够显著提高一国或地区的国际金融权力。In the financial development strategy of a country or a region, the progressive logic is from currency internationalization to international currency power then to international financial power. From the perspective of social network analysis, this paper discusses the impact of the status of a country or a region as a financial asset investment issuer and a trade exporter on international financial power. Based on the research results of Heep(2014), this paper uses the entropy method to systematically measure the international financial power of sample countries or regions. The result shows that the international financial power of Chinese mainland is rising in fluctuation. In 2019, the monetary power of Chinese mainland ranks sixth, while the international financial power of Chinese mainland ranks fourth. Furthermore, this paper uses the systematic GMM method to examine the impact of a country or a region as a trade exporter and the status of a country or a region as a financial asset issuer, a stock issuer, an investment fund issuer, a long-term bond issuer or a short-term bond issuer on the country’s monetary power. This paper also analyses the relationship between financial investment and trade status and international financial power. Empirical research finds that: firstly, a higher status of a country or a region as a trade exporter or a financial asset issuer will significantly strengthen a country’s or a region’s monetary power and the increase of the partner quality centrality of long-term bond investment can help strengthen a country’s or a region’s monetary power. Secondly,the partner quality centrality of trade has a non-linear effect on international financial power. To a certain extent, the improvement of the partner quality centrality of trade can significantly improve a country’s or a region’s international financial power.
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