亚太经济
亞太經濟
아태경제
Asia-Pacific Economic Review
2013年
5期
36~40
,共null页
东亚区域货币合作 人民币 货币锚 隐含货币篮子模型
東亞區域貨幣閤作 人民幣 貨幣錨 隱含貨幣籃子模型
동아구역화폐합작 인민폐 화폐묘 은함화폐람자모형
RMB, Monetary Anchor, Regional Monetary Cooperation in East Asia
虽然美元在区域内仍然扮演重要角色，但人民币在东亚9个经济体货币篮子中的权重排序基本上呈现地位稳步上升的趋势，而El元的权重则呈现下降趋势。这意味着，虽然东亚经济体目前都还没有正式宣布把人民币作为钉住货币，但在实际上人民币已经成为东亚区域内一个至关重要的隐性货币锚。
雖然美元在區域內仍然扮縯重要角色，但人民幣在東亞9箇經濟體貨幣籃子中的權重排序基本上呈現地位穩步上升的趨勢，而El元的權重則呈現下降趨勢。這意味著，雖然東亞經濟體目前都還沒有正式宣佈把人民幣作為釘住貨幣，但在實際上人民幣已經成為東亞區域內一箇至關重要的隱性貨幣錨。
수연미원재구역내잉연분연중요각색，단인민폐재동아9개경제체화폐람자중적권중배서기본상정현지위은보상승적추세，이El원적권중칙정현하강추세。저의미착，수연동아경제체목전도환몰유정식선포파인민폐작위정주화폐，단재실제상인민폐이경성위동아구역내일개지관중요적은성화폐묘。
By using the implicit currency basket of regression model, which developed by Frankel and Wei in 1994, this paper supply some empirical evidence to show that, in the period of July 2005 to March 2012, In- ternational monetary relationship changed rapidly in East Asia. Although US dollar still plays important role in the region, the weight of RMB in the currency basket of 9 East Asian economies increases steadily, contrasting with the declining trend of Japanese Yan. The evidence implies that, RMB has largely become a powerful candi- date to serve as monetary anchor in East Asia, even though no economy in the region has officially announced to peg RMB.
