1、中文 5057 字 出处： Liu K. How to Manage Chinas Foreign Exchange Reserves?J. Available at SSRN 1067521, 2007. 毕业论文外文 文献 翻译 院 系： 年级专业： 姓 名： 学 号： 附 件： How to Manage Chinas Foreign Exchange Reserves? 指导老师评语： 指导教师签名： 12 年 3 月 8 日 How to Manage Chinas Foreign Exchange Reserves? Author: Ke Liu Advisor: Erik Str
2、ojer Madsen Aarhus School of Business MSc in Finance and International Business November 2007 Abstract Financial crisis is not a new term to the world and has been through the financial globalization in the past decades. Many developing countries choose to stockpile a large amount of foreign exchang
3、e reserves to protect their economy from external shocks. However, given the declining value of the US dollar, the rapid built-up of reserves also creates a new debate on what amount and which form to hold for emerging economies. This paper attempts to address the two questions for China, the larges
4、t reserve holder since 2006. By performing an empirical analysis of 42 developing countries, a series of conclusions are drawn, including a major confirmation that Chinas holding of reserves exceeds the estimated adequate level. With a combination of telling evidence and theoretical interpretation,
5、this paper provides a package of solutions to the issue of how to manage Chinas foreign exchange reserves in the long-term and short-term scenarios. To fundamentally slowdown the growth rate of reserves and reduce the aggregate amount, a shift in economic policies is desired. Meanwhile, taking into
6、account the opportunity cost of holding, a course of proactive reserve management would be advisable. Keywords： foreign exchange, reserves, China, reserve management Part I Introduction Foreign exchange reserves, also refer to international reserves, are indispensable financial resources of an econo
7、mic entity. To every open economic region, the amount of reserves held by monetary authority varies dramatically based on an array of vested policies and objectives. The International Monetary Fund (IMF)identified an economys international reserves as “those external assets that are readily availabl
8、e to and controlled by monetary authorities for direct financing of payments imbalances through intervention in exchange markets to affect the currency exchange, and/or for other purposes. ” The commonly used form consists of convertible foreign exchange held by monetary authorities in the form of c
9、urrency, deposits, securities or financial derivatives, monetary gold, special drawing rights (SDRs), and unconditional drawing rights with the IMF. Individual countries, especially those who have a large volume of international trade, experience a high risk of random shocks to their external balanc
10、es, resulting from temporary or continuous sudden drops of their foreign exchange earnings. Therefore, international reserves serve to absorb such undesired crises through financing the payment deficits, which in turn avoid the costs of macroeconomic adjustment . In addition, foreign exchange reserv
11、es can be used to serve external debt or act as the collateral for international borrowing. For those economic entities who undertake a fixed exchange rate policy, international reserves also play an important role in backing up their currencies and enhancing the countries credibility. As the intern
12、ational trade flow increases and global financial integration evolves, the demand for international reserves has grown as well. In 1990, the world aggregate holding of reserves amounts to $919 billion and Chinas share merely equals 3.3 percent at that time. Sixteen years later, however, the worlds total holding grows up to $5,038 billion, more than one fifth of which is contributed by China.
