The Role of Nominal Anchor Currencies in Exchange Rate Arrangements
The Role of Nominal Anchor Currencies in Exchange Rate Arrangements
复制标题
名义锚定货币在汇率安排中的作用
DOI：
10.1006/jjie.1998.0419
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发表时间：
1998
影响因子：
2.9
通讯作者：
Shigeru Akiyama
中科院分区：
文献类型：
--
作者：
M. Kawai;Shigeru Akiyama
本文研究了1970-1996年间世界上几乎所有国家的汇率安排的演变。它考察了官方报告的和经验观察到的汇率安排。得到了几个发现。首先，固定汇率制度下的国家的相对经济规模并没有像基于报告安排的衡量标准所显示的那样大幅下降。其次，美元一直是最主要的全球锚定货币，因为许多发展中经济体，特别是亚洲、拉丁美洲和中东的经济体，都试图稳定它们对美元的汇率。第三，除了储备货币国本身的经济规模外，储备货币构成还取决于构建的净货币区规模的衡量标准。第四，作为过渡到欧洲货币联盟最后阶段的结果，欧元有望成为全球第二大主导锚定货币。虽然日元将继续扮演不太重要的名义锚角色，但其在东亚的角色预计将逐步上升。J.日本。内部经济上。1998年12月，第12(4)页，第334-387页。世界银行，1818H Street，西北，华盛顿，DC 20433和东京大学社会科学研究所，7-3-1 Hongo，文京区，东京113，日本。版权所有1998年学术出版社。经济文献分类期刊编号F31、F33、F36。
Abstract This paper studies the evolution of exchange rate arrangements of almost all countries in the world over the period 1970–1996. It examines both officially reported and empirically observed exchange rate arrangements. Several findings are obtained. First, the relative economic size of countries under fixed exchange rate regimes has not declined as dramatically as the measure based on reported arrangements would indicate. Second, the U.S. dollar has been the most dominant, global anchor currency because many developing economies, particularly those in Asia, Latin America, and the Middle East, have attempted to stabilize their exchange rates to the dollar. Third, the reserve currency composition is determined by the constructed measure of the net currency-area size in addition to the own-economic size of the reserve currency country. Fourth, as a result of the transition to the final stage of EMU, the euro is expected to emerge as the world's second most dominant anchor currency. While the Japanese yen will continue to play a less significant role as nominal anchor, its role in East Asia is expected to rise gradually. J. Japan. Int. Econ. December 1998, 12 (4), pp. 334–387. World Bank, 1818 H Street, N.W., Washington, DC 20433 and Institute of Social Science, University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, Tokyo 113, Japan. Copyright 1998 Academic Press. Journal of Economic Literature Classification Numbers F31, F33, F36.