Analysis Of The Influence Factors Of The Degree Of Currency Internationalization And The Inspirations For RMB Internationalization

On the basis of referring to extensive domestic and international documentation related to the degree of currency internationalization and its influencing factors,this thesis comprehensively used economic research method,which applied a combination of empirical and normative analysis,and a combination of qualitative and quantitative analysis,in order to fully explore the mode of action to the degree of currency internationalization from its influencing factors and the inspirations for RMB internationalization.In addition to the conclusion,this thesis is divided to five parts.The first part used the implication and function of currency internationalization as an entry point to explain the basic theory of currency internationalization and divide degrees of currency internationalization according to different standards.In the second part,literature on the internationalization degree of currencies and its influencing factors was collected.In the third part,widely recognized international currencies,including USD,EUR,JPY and GBP,were regarded as the sample currencies.The intenationalizaton degree of these four major currencies was measured by the index of currency internationalization degree,which was constructed by the comprehensive using of proxy variable related to international currencies' three major functions.In the fourth part,factors may affect the internationalization degree of one currency was summarized.The econometric model,which stands for the relationship between currency internationalization degree and its influencing factors,wns established by using the proxy variable related to the influencing factors.Eviews6.0 was used to do the empirical analysis of the contribution of the influencing factors in the currency internationalization.As a result,the similarities and differences in the main influencing factors of four currencies in different degree of internationalization could be obtained.Conclusion of empirical analysis shows that currencies' network externalities is the commonality factor producing impacts on the four currencies' internationalization degree.Economy scale is the main factor influencing the international status of USD and EUR.Currency stability makes the major contribution to the international status of JPY.Developed degree of financial market contributes most to the international status of GBP.In the fifth part,according to the conclusion of empirical analysis in the influencing factors of internationalization degree of USD,EUR,JPY and GBP,a reasonable,prudent and feasible development path of RMB internationalization was proposed combined with the current situation the pros and cons.