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Empirical Analysis on the Impact Factors of Currency Substitution in China

In: The 19th International Conference on Industrial Engineering and Engineering Management

Author

Listed:
  • Ping Yi

    (Tongji University)

  • Chuang Zhao

    (Jilin University)

  • Xiao-ling Luo

    (Hunan International Economics University)

Abstract

Since American financial crisis erupted in 2008, international monetary system is under the pressure of reforming, while the superiority of RMB is recognized increasingly. After exchange rate reformed, RMB circulates in neighboring countries or regions widely. As for the cross-border circulation, the paper attempts to construct an econometric model based on western currency substitution theory, and makes an empirical analysis on the impact factors of currency substitution in China through OLS and principal component method. Results show that interest rate differential is the greatest influencing factor, followed by exchange rate while economic growth rate is indistinctive. Finally, constructive political suggestions are given.

Suggested Citation

  • Ping Yi & Chuang Zhao & Xiao-ling Luo, 2013. "Empirical Analysis on the Impact Factors of Currency Substitution in China," Springer Books, in: Ershi Qi & Jiang Shen & Runliang Dou (ed.), The 19th International Conference on Industrial Engineering and Engineering Management, edition 127, chapter 0, pages 1039-1046, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-38433-2_109
    DOI: 10.1007/978-3-642-38433-2_109
    as

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