美国货币政策是全球发展中经济体外汇储备影响因素吗？

doi:10.12094/1002-7246（2017）10-0068-15

Journal of Financial Research

2017, Vol. 448

Issue (10): 68-82 DOI: 10.12094/1002-7246（2017）10-0068-15

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Does US Monetary Policy Have an Influence on Foreign Exchange Reserves of Developing Economies？

LI Shaokun

School of Banking and Finance, University of International Business and Economics

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Abstract Based on the panel data of 103 developing economies during the period of 1980-2014, this paperinvestigatesthe relationshipbetweenUS monetary policy and foreign exchange reserves of developing economies.Empirical results show that: the increase of federal funds effective rate will reduce the level of foreign exchange reserves of developing economies;otherwise it will increase the level of foreign exchange reserves. Empirical results also show that traditional macrovariables, financial variables and country specific variables are significant determinant factors of developing economies' foreign exchange reserves.

Key words： Foreign Exchange Reserves US Monetary Policy Developing Economies

Received: 05 January 2017 Published: 18 January 2018

JEL分类号:	F31
	F42
	E58

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Cite this article:

LI Shaokun. Does US Monetary Policy Have an Influence on Foreign Exchange Reserves of Developing Economies？[J]. Journal of Financial Research, 2017, 448(10): 68-82.

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http://www.jryj.org.cn/EN/10.12094/1002-7246（2017）10-0068-15 OR http://www.jryj.org.cn/EN/Y2017/V448/I10/68

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