Global Financial Crisis and Demand for the US Dollar as an International Currency

Global Financial Crisis and Demand for the US Dollar as an International Currency
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全球金融危机与美元作为国际货币的需求

DOI：
10.1007/978-981-19-3613-5_4
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发表时间：
2022
期刊：
Global Financial Flows in the Pre- and Post-global Crisis Periods
影响因子：
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通讯作者：
Inagaki Kazuyuki
Inagaki Kazuyuki
中科院分区：
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文献类型：
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作者：
Hoshikawa Takeshi;Inagaki Kazuyuki

文献摘要

相似文献

2000年代末，来自外国的活期存款在美国迅速增加。为什么来自海外的美国活期存款增长如此之快？全球金融危机与国外活期存款快速增长之间的关系是什么？很少有研究强调对国外活期存款的研究。因此，我们专门研究了外国金融机构的美元持有量。这项研究是为了回答以下问题：外国金融机构是如何决定美元持有量的，以及为什么美元持有量上升得如此之快。分析确定了以下因素。当金融市场因某种危机而收紧时，对美元作为国际货币的需求就会增加。(2)全球贸易量的增加将增加对美元的需求。(3)如果美国的利率上升，预计外国对美元的需求会减少。美元走强将增加对美元的需求。(5)外国商业银行和外国官方机构对来自外国的美国活期存款有不同的影响。如上所述，由于全球贸易量高、利率低、美元走强和金融危机等多种因素，来自外国的美国活期存款增加。
In the late 2000s, demand deposits from foreign countries increased rapidly in the United States. Why did amounts of US demand deposits from abroad increase so rapidly? What is the relation between the global financial crisis and the rapid increase in demand deposits from foreign countries? Few studies have emphasized studies of demand deposits from abroad. Therefore we specifically examine the US dollar holdings of foreign financial institutions. This study was conducted to respond to the following questions: how US dollar holdings are determined by foreign financial institutions and why they have risen so rapidly. The analysis identified the following factors. (1) When financial markets tighten because of some crisis, demand for the US dollar as an international currency increases. (2) An increase in global trade volumes will raise demand for the US dollar. (3) If interest rates in the USrise, demand for US dollars from foreign countries can be expected to decrease. (4) A stronger US dollar will increase demand for the US dollar. (5) Foreign commercial banks and foreign official institutions have different effects on US demand deposits from foreign countries. As discussed above, US demand deposits from foreign countries increase because of multiple factors such as high global trade volume, low interest rates, a strong US dollar, and the financial crisis.