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《Review of Investment Studies》 2016-09
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Does Exchange Rate and Exchange Rate Expectations Affect Currency Internationalization?

Li Zilei;Zhang Yun;  
By constructing the panel VAR model and structural VAR model, this paper studies the dynamic relation among exchange rate, exchange rate expectations and currency internationalization. For the euro, the yen and the pound, the study indicates that the rapid appreciation promates the level of internationalization, and for the Renminbi, the appreciation promates the level of internationalization of the RMB, at the same time, the presence of the appreciate expectations also promates the level of currency internationalization of those currencies. The analysis shows that currency appreciation or the presence of the appreciate expectations promates the level of currency internationalization.
【Key Words】: Exchange Rate Exchange Rate Expectations Currency Internationalization
【Fund】: 天津财经大学科研发展基金(批准号:Q140102);; 天津市社科规划项目“虚拟经济的统计测度指标研究”(批准号:TJTJ11003);; 国家社科基金项目“市场决定背景下金融资源错配的微观基础及治理机制研究”(批准号:15BJL028)
【CateGory Index】: F832.6
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