作者：窦祥胜国际储备图际收支适度储备规模储备需求决定长短期因素发展中国家实证分析国际收支逆差汇率稳定国际竞争力
摘要：There is an intrinsic relation between international reserves, balance of payments, and macroeconomy. Hence, a state should keep the moderate scale of international reserves. The sign of whether or not the reserve scale of a state is moderate is that the optimal reserve stock and the optimal adjustable velocity may be reasonably arranged in pairs or groups. In the long run, the demand for international reserves in China is mainly decided by these factors such as the national income, the average propensity to import, the foreign default risk, and the variability in the balance of payments, etc.. In the short run, however, besides those factors as referred above, the demand for international reserves in China is still affected by monetary policy.
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