CAJ | 학술논문

本文在货币国际化的视角下研究了大国最优国际储备规模的变化规律。理论模型结果表明，在大国货币国际化的不同阶段．国际储备的最优规模呈现出先升后降的阶段性特征。货币国际化前期，充足的国际储备为有效控制宏观风险提供支持：而货币国际化后期，本币的国际货币职能开始替代国际储备．并使之最优规模下降。利用两组不同阶段的国际货币（潜在）发行国数据，本文的实证结果支持了理论模型的结论。结论为在人民币国际化的背景下．拓展中国国际储备规模管理思路提供了借鉴．
본문재화폐국제화적시각하연구료대국최우국제저비규모적변화규률。이론모형결과표명，재대국화폐국제화적불동계단．국제저비적최우규모정현출선승후강적계단성특정。화폐국제화전기，충족적국제저비위유효공제굉관풍험제공지지：이화폐국제화후기，본폐적국제화폐직능개시체대국제저비．병사지최우규모하강。이용량조불동계단적국제화폐（잠재）발행국수거，본문적실증결과지지료이론모형적결론。결론위재인민폐국제화적배경하．탁전중국국제저비규모관리사로제공료차감．
This paper attempts to inspect the optimal international reserve scale of big countries in their process of currency internationalization. The results show that at the different stages of currency internationalization, the optimal scale of international reserve rises first and then declines later. At the early stage of the currency internationalization, more international reserve is needed to support effective control of macroeconomic risk; at the latter stage, the national currency begins to replace international reserve and lowers down its optimal scale. Using the data of two groups of countries, the empirical results support the model＇s conclusions. The conclusions provide some inspirations to the management of international reserve scale in the process of RMB internationalization for China.