研究成果

您现在的位置: 首页 > 研究成果

张志文副教授参加第七届“东亚研究”国际学术研讨会并发表专题报告

        我院副教授张志文博士于2012年9月6-9日在广州参加由中山大学与日本大阪经济法科大学、北京大学共同主办,亚太研究院承办的第七届“东亚研究”国际学术研讨会,并就其近期中文论文“汇率波动性与本币国际化:澳大利亚元的经验研究”(Exchange Rate Volatility and Local         Currency Internationalization: An Empirical Study on the Australian Dollar)做英文发言。该文内容提要如下:
Abstract: This paper specifies the benchmark regression model of the Australian dollar internationalization based on the long-run determinants of local currency internationalization, and investigates the empirical relationship between AUD exchange rate volatility and its internationalization in the period 1993Q4-2012Q1. We find that the greater exchange rate volatility of the AUD against the USD has a larger but significantly negative effect on AUD internationalization. Keeping all else equal, an increase in exchange rate volatility of the AUD against the USD by one standard deviation will lead to a 1% decrease in the degree of AUD internationalization. Controlling for the impacts of the once-in-a-century global financial crisis, European debt crisis, inflation differential and investment growth deviation, the above result still holds. The results of the paper are robust to different econometric estimators (OLS and 2SLS) and different exchange rate volatility measures. This paper produces the first robust evidence on the lower degree of AUD internationalization, and offers an important reference for RMB internationalization.

Keywords: Exchange Rate Volatility, Local Currency Internationalization, AUD