Renminbi Internationalization: Challenges and Prospects
0
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
Due to considerable efforts of the Chinese government, its currency—renminbi (RMB)—became an international reserve currency along with the U.S. dollar, the euro, the yen and the pound sterling. It is the first time that such a status has been obtained by an emerging economy’s currency. The progress in currency internationalization will require Chinese authorities to build deep, liquid, and stable financial markets and to open them to the rest of the world. Several main developments in the process of renminbi internationalization have already taken place and were reviewed in this research. Nevertheless, the scale of renminbi internationalization is small, and at this early phase it is challenging to evaluate it. It will surely take a considerable period of time for the Chinese government to implement reforms to fully access currency internationalization.
Abstract
Due to considerable efforts of the Chinese government, its currency—renminbi (RMB)—became an international reserve currency along with the U.S. dollar, the euro, the yen and the pound sterling. It is the first time that such a status has been obtained by an emerging economy’s currency. The progress in currency internationalization will require Chinese authorities to build deep, liquid, and stable financial markets and to open them to the rest of the world. Several main developments in the process of renminbi internationalization have already taken place and were reviewed in this research. Nevertheless, the scale of renminbi internationalization is small, and at this early phase it is challenging to evaluate it. It will surely take a considerable period of time for the Chinese government to implement reforms to fully access currency internationalization.
참고문헌 (25)
- Ba, S., "Currency Internationalization:Global Experiences and Implications for the Renminbi" (2010), Palgrave Macmillan
- Blinder, A. S., "The Role of the Dollar as an International Currency", Eastern Economic Journal, 22(2), pp.127~136 (1996)
- Bordo, M. D., "The Current Account Version of the Triffin Dilemma", Atlantic Economic Journal, 44(2), pp.171~182 (2016)
- Bowles, P., "Renminbi Internationalization: A Journey to Where", Development and Change, 44(6), pp.1363~1385 (2013)
- Broz, L., "Origins of the Federal Reserve System: International Incentives and the Domestic Free-rider Problem", International Organization, 53(1), pp.39~70 (1999)
- The Potential of the Renminbi as an International Currency, "Chen, H.", BIS, ~ (2009)
- Chen, Y., "Internationalization of the RMB: An Evaluation Framework", Economic and Political Studies, 1(1), pp.5~20 (2013)
- Cohen, B. J., "The future of sterling as an international currency" (1971), Macmillan
- Cohen, B. J., "The Benefits and Costs of an International Currency:Getting the Calculus Right", Open Economies Review, 23(1), pp.13~31 (2012)
- "The Measures for the Pilot Scheme of Securities Investments in China Made by RMB Qualified Foreign Institutional Investors and the Implementation Rules Thereof Are Officially Issued"[URL]
- Dobson, W., "Will the Renminbi Become a World Currency", China Economic Review, 20(1), pp.124~135 (2009)
- Genberg, H., "The Calculus of International Currency Use", Central Banking, 20(3), pp.63~68 (2010)
- Goldberg, L. S., "Vehicle Currency Use in International Trade", Journal of International Economics, 76(2), pp.177~192 (2008)
- Dealing with the Benefits and Costs of Internationalization of the Korean Won, "Kim, K.", BIS, ~, pp.Papers No. 61 (2011)
- Krugman, P., "The International Role of the Dollar: Theory and Prospect" (1984), University of Chicago Press
- Li, D., "RMB Internationalization: An Empirical and Policy Analysis", Journal of Financial Research, 11(4), pp.1~16 (2008)
- MOFCOM, "Circular on Issues Concerning Cross-border RMB Direct Investment", S.Z.H, (889) (2011)
- MOFCOM, "Circular on Issues Concerning the Implementation of Administration on Cross-border RMB Direct Investment in the Business System", S.B.Z.H, (1171) (2011)
- "Announcement on Issues Concerning Cross-border RMB Direct Investment, No.87" (2011)[URL]
- "Measures for the Administration of Renminbi Settlement Matters Relating to Foreign Direct Investment, No. 23" (2011)[URL]
- Portes, R., "The Emergence of the Euro as an International Currency", Economic Policy, 13(26), pp.305~343 (1998)
- Tavlas, G. S., "Internationalization of Currencies: The Case of the US dollar and Its Challenger Euro", International Executive, 39(5), pp.581~597 (1997)
- Triffin, R., "Gold and the Dollar Crisis" (1960), Yale University Press
- "Guosen Securities denies bond default" (2016)[URL]
- Zhang, L., "The Economics of RMB Internationalization", Asian Economic Papers, 15(1), pp.104~123 (2016)