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The issue of international reserves has been a hot research theorists . This paper reviews the empirical literature , a systematic comparison of the demand for single -factor theory , regression theory , the monetarist model theory and multi- factor theory theory of demand for international reserves , and select the annual data of 1984-2007 main macroeconomic variables , the use of multi-factor model and combined with the analysis of the proportion of regression analysis on the data . In the empirical analysis section , the first data unit root analysis , multivariate cointegration analysis variables after a first-order differential to meet the conditions , the and subsequent cointegration test variables , has a long-term relationship between the variables prove . Finally, the error correction model classic linear regression analysis . The results show that the gross domestic product ( GDP ) , the trade balance between the demand for international reserves are positively correlated , the coefficient of elasticity were 2.68,0.000075 ; demand for money supply , the real effective exchange rate , foreign direct investment , the marginal propensity to import , and international reserves between the existence of a negative correlation between the coefficient of elasticity of -0.46 , -0.43 , -0.65 , and -0.59 , respectively . Studies have shown that factors play an important impact on China's international reserves as gross domestic product ( GDP ) , money supply , the real effective exchange rate , foreign direct investment , the marginal propensity to import , which is consistent and the economic situation in our country . Limited in the short-term impact on China's international reserves , the trade balance can be calculated long-run elasticity is 0.8363 , indicating that the long-term impact is significant .
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