一、报告题目：

The currency composition of international reserves, demand for international reserves, and global safe assets

二、报告人：

钱兴旺，纽约州立大学（布法罗分校）

三、报告时间：

2019年5月30日 （周四） 下午 14:30-16:00

四、报告地点：

知新楼B423

五、报告人简介：

钱兴旺，纽约州立大学（布法罗分校）经济与金融系副教授，加州大学圣克鲁兹分校博士。主要研究领域包括国际金融、国际经济与贸易、资本流动、中国经济与新兴市场等，已在Journal of International Money and Finance, Review of International Economics, China Economic Review, Review of Development Economics等国际学术期刊发表10余篇学术论文。

六、 报告摘要：

This paper examines determinants of the international reserves (IR) currency composition before and after the Global Financial Crisis (GFC). Applying the annual data of 58 countries, we confirm that countries that trade more with the US, euro zone, UK, and Japan, and issue more debt denominated in the big four currencies (US dollar, euro, pound, and yen) hoard more IR in these currencies. We find scale effects in which countries tend to diversify from the big four currencies as they increase their IR/GDP and that a growing shortage of global safe assets (GSAs) induces countries to hold more big four currencies. Countries hold less big four currencies as IR after the 2008 GFC, while they hold more of such currencies since the tapering of the Fed’s quantitative easing (QE). The 2008 GFC and QE tapering weakened and sometimes reversed the effect of several economic factors. We also find that TARGET2 balances matter for the currency composition in the euro zone; commodity-exporting countries tend to diversify their IR from the big four currencies when their terms of trade improve; and that the valuation effects induced by Euro/USD exchange rate changes diminish the significance of the GFC in explaining the currency composition of IR.

七、主办单位：

香港12生肖49号码表图