期刊名称：International Journal of Economics and Finance
印刷版ISSN：1916-971X
电子版ISSN：1916-9728
出版年度：2021
卷号：13
期号：8
页码：14-24
DOI：10.5539/ijef.v13n8p14
语种：English
出版社：Canadian Center of Science and Education
摘要：For more than a decade, the People’s Republic of China has sought to expand the degree of internationalization of its official currency. In recent decades, China has become the world’s second largest economy, as well as the world’s largest trading nation, and its securities markets are among the largest in the world. Today, the RMB is among the top five as a world payments currency. One of the significant costs of achieving higher degrees of internationalization of a country’s currency is the complicating impact it has on the efficacy and effect of that country’s domestic monetary policy. However, what is the nature and extent of that complicating impact? This paper employs an IS-LM model of an open economy as an analytical framework, embeds an RMB internationalization factor into that model. Specifically, with this model we examine the impact of RMB internationalization on the effects of China’s monetary policy.
