| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9305 |
| DP9305 The Future of International Liquidity and the Role of China | |
| Alan M. Taylor | |
| 发表日期 | 2013-01-27 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments? precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system, another re-run of the Triffin paradox, with an ever-growing emerging-world insurance demand loaded onto a small group of ever more strained net debt suppliers. Two ways to avoid this outcome would entail either expanding the supply of credible reserve liquidity to include some large emerging-market providers, or finding ways to manage emerging-market risks so as to moderate the perceived need for insurance, and China would have to loom large in both solutions. |
| 主题 | Economic History ; International Macroeconomics |
| 关键词 | China International reserves Precautionary saving Renminbi Reserve currency Triffin paradox |
| URL | https://cepr.org/publications/dp9305 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538141 |
| 推荐引用方式 GB/T 7714 | Alan M. Taylor. DP9305 The Future of International Liquidity and the Role of China. 2013. |
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