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外汇市场深度、网络外部性与美元的国际地位——基于分国别与地区面板数据的实证研究
钟阳, 丁一兵, 何彬
吉林大学 经济学院,吉林 长春 130012
Foreign Exchange Market Depth,Network Externality and the International Status of USD——An Empirical Research Based on the Panel Data of Different Countries and Regions
ZHONG Yang, DING Ying-bing, HE Bin
1. School of Economics, Jilin University, Changchun 130012, China
Abstract:
Though the future of USD is uncertain, no other currency has more strength than USD now and the short-term trend of USD can’t be judged simply. The authors used panel data model to analyze the determinants of USD’s international status. The results show that the foreign exchange market depth of a country has important positive effect on the establishment of the international status of USD: the more developed the foreign exchange market of a country, the more it favors USD; in addition, in the dynamic panel data model, the actual currency volume of trade in the foreign exchange market in the former period is also an obvious factor determining the international status of USD. Furthermore, the more the actual currency volume of trade in the foreign exchange market in the former period, the more the need for USD in the country. The conclusion proved the existence of the effect of network externality.
ZHONG Yang, DING Ying-bing, HE Bin.Foreign Exchange Market Depth,Network Externality and the International Status of USD——An Empirical Research Based on the Panel Data of Different Countries and Regions[J] Economic Survey, 2012,V1(2): 70-74