| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14793 |
| DP14793 Jumpstarting an International Currency | |
| Saleem Bahaj | |
| 发表日期 | 2020-05-22 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Monetary and financial policies that lower the cost of credit for working capital in a currency outside of its country can provide the impetus for that currency to be used in international trade. This paper shows this in theory, by exploring the complementarity in the currency used for financing working capital and the currency used for invoicing sales. Financial policies by a central bank can jump-start the use of its currency outside a country's borders. In the data, the creation of 38 swap lines by the People's Bank of China between 2009 and 2018 provides a test of the theory. Signing a swap line with a country is significantly associated with increases in the use of the RMB in payments to and from that country in the following months. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp14793 |
| 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/543724 |
| 推荐引用方式 GB/T 7714 | Saleem Bahaj. DP14793 Jumpstarting an International Currency. 2020. |
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