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Bringing the Central Bank into the Study of Currency Internationalization: Monetary Policy, Independence, and Internationalization
https://doi.org/10.24545/00001330
https://doi.org/10.24545/00001330b99e8c43-5830-456f-a5c4-61a334cbb7d0
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
DP15-23.pdf (346.9 kB)
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| Item type | ディスカッションペーパー / Discussion Paper(1) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 公開日 | 2016-02-23 | |||||||||
| タイトル | ||||||||||
| タイトル | Bringing the Central Bank into the Study of Currency Internationalization: Monetary Policy, Independence, and Internationalization | |||||||||
| 言語 | en | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Central bank independence | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | currency internationalization | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | international currency | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | monetary policy | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | People’s Bank of China | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | renminbi internationalization | |||||||||
| 資源タイプ | ||||||||||
| 資源タイプ | technical report | |||||||||
| ID登録 | ||||||||||
| ID登録 (DOI) | 10.24545/00001330 | |||||||||
| ID登録タイプ | JaLC | |||||||||
| 著者 |
CHEY, Hyoung-kyu
× CHEY, Hyoung-kyu
× LI, Yu Wai Vic
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| 著者所属 | ||||||||||
| 値 | 政策研究大学院大学 / National Graduate Institute for Policy Studies | |||||||||
| 著者所属 | ||||||||||
| 値 | Hong Kong Institute of Education | |||||||||
| 抄録 | ||||||||||
| 内容記述タイプ | Abstract | |||||||||
| 内容記述 | Despite the central bank’s crucial position in the economy, as the issuer of the currency and the body responsible for monetary policy, its preferences regarding currency internationalization and its roles in that process have rarely been analyzed in the literature. This study attempts to fill this critical gap by bringing the central bank into the study of currency internationalization. A conventional understanding of currency internationalization is that it tends to reduce monetary policy autonomy, which implies a natural tendency of the central bank to oppose it. This study shows, however, that currency internationalization does not necessarily reduce the central bank’s monetary policy autonomy, and may in fact even strengthen it. It shows that currency internationalization is likely to strengthen the central bank’s independence as well. Based on these findings, this study argues that a central bank with weak monetary policy autonomy and low independence is more likely to support the internationalization of its country’s currency. These arguments are empirically verified, mainly by in-depth analysis of the case of the People’s Bank of China and the renminbi. | |||||||||
| 発行年 | ||||||||||
| 値 | 2016-02 | |||||||||
| 書誌情報 |
en : GRIPS Discussion Papers Report No. DP15-23, 発行日 2016-02-23 |
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| 出版者 | ||||||||||
| 出版者 | GRIPS Policy Research Center | |||||||||
| 言語 | en | |||||||||
| 関連サイト | ||||||||||
| 関連タイプ | isIdenticalTo | |||||||||
| 識別子タイプ | URI | |||||||||
| 関連識別子 | https://ideas.repec.org/p/ngi/dpaper/15-23.html | |||||||||
| 関連名称 | https://ideas.repec.org/p/ngi/dpaper/15-23.html | |||||||||
| 著者情報 | ||||||||||
| 内容記述タイプ | Other | |||||||||
| 内容記述 | https://www.grips.ac.jp/list/jp/facultyinfo/chey_hyoung-kyu/ | |||||||||
| 著者版フラグ | ||||||||||
| 出版タイプ | AM | |||||||||
| 出版タイプResource | http://purl.org/coar/version/c_ab4af688f83e57aa | |||||||||
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Cite as
CHEY, Hyoung-kyu, LI, Yu Wai Vic, 2016, Bringing the Central Bank into the Study of Currency Internationalization: Monetary Policy, Independence, and Internationalization: GRIPS Policy Research Center .
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