CAJ | 학술논문

对中国超额外汇储备成因的解释主要有重商主义和预防性动机两种观点。重商主义与经常帐户差额和债权性储备，预防性动机与资本帐户差额和债务性储备存在内在联系。从国际收支表中经常帐户和资本帐户名义差额对外汇储备增量贡献上看，重商主义和预防性动机交替发挥主要作用，对外汇储备存量的累积贡献上看重商主义成为主要因素。两个帐户的实际差额对外汇储备的增量和存量贡献则都表明重商主义是我国超额外汇储备的主要成因。
대중국초액외회저비성인적해석주요유중상주의화예방성동궤량충관점。중상주의여경상장호차액화채권성저비，예방성동궤여자본장호차액화채무성저비존재내재련계。종국제수지표중경상장호화자본장호명의차액대외회저비증량공헌상간，중상주의화예방성동궤교체발휘주요작용，대외회저비존량적루적공헌상간중상주의성위주요인소。량개장호적실제차액대외회저비적증량화존량공헌칙도표명중상주의시아국초액외회저비적주요성인。
Two major views concerning the causes of China’s excess foreign exchange reserves are mercantilism and precautionary motives. Mercantilism is related to the current account balance and debt reserves, while the precautionary motive relates to capital account balance and debt reserves. In terms of the incremental contribution to foreign exchange reserves by the nominal difference of current account and capital account in international payments tables, mercantilism and precautionary motives play a major role alternately. In terms of accumulation contribution to foreign exchange reserves, mercantilism is the major factor. The incremental and accumulation contributions to foreign exchange reserves by the actual difference between the two accounts show that mercantilism is the main cause of China’s excess foreign exchange reserves.