• 论文 •

### 货币国际化对国内宏观经济的影响

• 出版日期:2012-05-15 发布日期:2012-05-03

### The Impact of Currency Internationalization to Domestic Economy

Wang Xiaoyan et al.

• Online:2012-05-15 Published:2012-05-03

Abstract: Based on the model of new open economy macroeconomics (NOEM), this paper analyses the short-term and long-term impact of currency internationalization to domestic economy. We find that currency internationalization have the following effects: (1)The home currency will appreciate in both short term and long term, no exchange rate overshooting appears; (2) Domestic consumption is stimulated in short term but inhibited in long term; (3) The level of domestic output reduces in short term but increases in long term; (4) Terms of trade improves in short term but worsen in long term; (5) Welfare improves in both short term and long term. After that, a SVAR model is built on the NOEM model. By the data of U.S.Dollar, We analyze the impact of U.S. dollar internationalization to U.S economy. There is a high consistent between empirical analysis and theoretical analysis. By these conclusions, we point out some possible problem must be highly concerned in the RMB internationalization.