중국의 적정 외환보유액 추정과 활용에 관한 연구
A Study on the an Adequate Amount of Foreign Exchange Holdings of China
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This paper examines whether the level of international reserves in China has become excessive. An experience approach and a theoretical approach(cost-benefit model) show that Chinese reserves level have grown far beyond what can reasonably considered adequate. And Chinese government established China Investment Corporation(CIC) so as to invest excess reserves in 2007. The sovereign wealth fund in China will be increased leverage in international financial market. Considering excess international reserves, China have to increase outward investment in scale.
Abstract
This paper examines whether the level of international reserves in China has become excessive. An experience approach and a theoretical approach(cost-benefit model) show that Chinese reserves level have grown far beyond what can reasonably considered adequate. And Chinese government established China Investment Corporation(CIC) so as to invest excess reserves in 2007. The sovereign wealth fund in China will be increased leverage in international financial market. Considering excess international reserves, China have to increase outward investment in scale.
참고문헌 (10)
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- 이진수, "적정 외환보유액 수준에 대한 연구", 조사연구 Review, (26) (2009), 금융감독원
- 조갑제, "“The Determinant of International Reserve Hoarding in Korea: Cointegration and Error Correction Approach”, mimemo", ~ (2007)
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