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題名 Renminbi Internationalization: Progress, Prospect and Comparison
作者 童振源
Tung,Chen-yuan ; Wang, Guo-chen ; Yeh, Jason
貢獻者 國發所
關鍵詞 currency internationalization;currency internationalization degree index;currency internationalization prospect index;principal component analysis;RMB
日期 2012.1
上傳時間 12-Nov-2013 17:12:37 (UTC+8)
摘要 Using principal component analyses, this paper constructs two internationalization indices for the renminbi (RMB) and 32 other major currencies. We find that the RMB`s currency internationalization degree index (CIDI) is still low, and far behind the 4 most important international currencies. In 2009, it was ranked 18th among all important international currencies. However, in terms of the currency internationalization prospect index (CIPI), the RMB has remained the world`s fifth highest since 2006. Although it is still far behind the US dollar and the euro, surpassing the ranking of the yen and the pound is possible in the near future. The dramatic difference in the ranking between the CIDI and the CIPI is a result of China`s tight capital account control, the usage continuity of international currency due to network externalities, and the narrow foreign exchange and imperfect financial markets. Hence, to a large degree, the RMB`s potential as an international currency depends on China`s capital account liberalization.
關聯 China & World Economy, 20(5), 63-82
資料類型 article
DOI http://dx.doi.org/10.1111/j.1749-124X.2012.01302.x
dc.contributor 國發所en_US
dc.creator (作者) 童振源zh_TW
dc.creator (作者) Tung,Chen-yuan ; Wang, Guo-chen ; Yeh, Jasonen_US
dc.date (日期) 2012.1en_US
dc.date.accessioned 12-Nov-2013 17:12:37 (UTC+8)-
dc.date.available 12-Nov-2013 17:12:37 (UTC+8)-
dc.date.issued (上傳時間) 12-Nov-2013 17:12:37 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/61643-
dc.description.abstract (摘要) Using principal component analyses, this paper constructs two internationalization indices for the renminbi (RMB) and 32 other major currencies. We find that the RMB`s currency internationalization degree index (CIDI) is still low, and far behind the 4 most important international currencies. In 2009, it was ranked 18th among all important international currencies. However, in terms of the currency internationalization prospect index (CIPI), the RMB has remained the world`s fifth highest since 2006. Although it is still far behind the US dollar and the euro, surpassing the ranking of the yen and the pound is possible in the near future. The dramatic difference in the ranking between the CIDI and the CIPI is a result of China`s tight capital account control, the usage continuity of international currency due to network externalities, and the narrow foreign exchange and imperfect financial markets. Hence, to a large degree, the RMB`s potential as an international currency depends on China`s capital account liberalization.en_US
dc.format.extent 195502 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) China & World Economy, 20(5), 63-82en_US
dc.subject (關鍵詞) currency internationalization;currency internationalization degree index;currency internationalization prospect index;principal component analysis;RMBen_US
dc.title (題名) Renminbi Internationalization: Progress, Prospect and Comparisonen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1111/j.1749-124X.2012.01302.xen_US
dc.doi.uri (DOI) http://dx.doi.org/10.1111/j.1749-124X.2012.01302.xen_US