近日，国家发展研究院张帆教授、余淼杰教授及其指导的2016级博士生金洋和中国发展研究基金会俞建拖研究员合作撰写的论文“The Effect of RMB Internationalization on Belt and Road Initiative: Evidence from Bilateral Swap Agreements”被SSCI期刊Emerging Markets Finance and Trade接受。
This paper evaluates the implication of RMB internationalization on economic integration between China and its partners, especially for Belt and Road countries. We collected data of all bilateral swap agreements between 2000 and 2016, and empirically explored the role of bilateral swap agreements playing in the bilateral trade flows between China and its partner countries. We examined the effects in gravity equation and found a significant positive effect of swap agreements on trade. In our benchmark model, the negotiations of swap agreement would improve 30.4% of bilateral trade values between China and its partners. For Belt and Road countries, the effect is even stronger. This effect is both statistically and economically significant. It is also robust on alternative measure of swap agreement and alternative estimation method. We argue that RMB swap agreements are beneficial for the economic integration between China and Belt and Road countries through facilitating bilateral trade.
《Emerging Markets Finance and Trade》是由Taylor & Francis出版社出版，致力于发表高质量和及时的新兴市场经济体相关的实证研究，为SSCI来源期刊。