演講者簡介 : Professor Ricardo Reis received his Ph.D. Economics from Harvard University in 2004. He is currently the A.W. Phillips Professor of Economics at the London School of Economics. He has published widely on macroeconomics, including both monetary and fiscal policy, inflation and business cycles.
演講摘要 : While the USD dominates cross-border transactions today, a few other currencies are also used internationally. This paper shows that central bank policies that reduce the volatility of borrowing costs for foreign firms in domestic currency can trigger a jump-start of the currency's international status, because choices of the currency of working capital and sales invoicing complement each other. Empirically, the creation of 38 swap lines by the People's Bank of China between 2009 and 2018 supports this theoretical claim. Signing a swap line with a country increased the probability that it would use the RMB at all by 14%, and its share in the country's payments by 1.3 percentage points.