CAJ | 학술논문

外汇储备持续增长已成为多个国家的经济负担，然而不能忽视外汇储备增长对经济发展的积极影响。基于新兴市场各国短期内无最优方法改善高额外汇储备积累难题的假设条件进行研究，试图寻找能够将外汇储备的积极效应最大化的途径。利用27国相关数据建立门限面板模型后，分析不同金融市场发展水平下外汇储备对经济增长的宏观经济效应。研究结果表明：在发达国家和新兴市场国家，外汇储备均对经济增长具有积极影响。但是，不同的金融市场发展水平也会限制外汇储备的经济效应。金融市场发展水平越高的国家，外汇储备对经济增长的促进作用更为明显。
외회저비지속증장이성위다개국가적경제부담，연이불능홀시외회저비증장대경제발전적적겁영향。기우신흥시장각국단기내무최우방법개선고액외회저비적루난제적가설조건진행연구，시도심조능구장외회저비적적겁효응최대화적도경。이용27국상관수거건립문한면판모형후，분석불동금융시장발전수평하외회저비대경제증장적굉관경제효응。연구결과표명：재발체국가화신흥시장국가，외회저비균대경제증장구유적겁영향。단시，불동적금융시장발전수평야회한제외회저비적경제효응。금융시장발전수평월고적국가，외회저비대경제증장적촉진작용경위명현。
The growing foreign exchange reserves has become a burden on the states, but we could not ignore the positive impact of foreign exchange reserves on economic development.In this paper, we hypothesis that the e-merging market countries could not resolve the problem of high reserve accumulation, and trying to find the best way to maximize the positive effects of foreign exchange reserves.We choose 27-nation panel data model to estab-lish threshold model and analysis the macroeconomic effects of financial market development on economic growthun-der different levels of foreign exchange reserves.The results show that foreign exchange reserves have a positive im-pact on economic growth in both developed and emerging market countries.However, the level of financial market development would limit the economic effects of foreign exchange reserves.The higher the level of development of national financial markets, the more obviouspromotingeconomic growthbyforeign exchange reserves.