A study of the effects of SDR weights on the economic growth of SDR members based on RMB's participation in the SDR basket
ZHANG Dixin1, ZHOU Lijun1, ZHANG Chi2, WANG Yulin3
1. Financial Econometrics and Risk Management Research Center, School of Economics, Nanjing University, Nanjing 210093, China; 2. Securities Research Institute, Changjiang Securities, Shanghai 200002, China; 3. School of Economics, Shanghai University of Finance and Economics, Shanghai 200433, China
Abstract：We examine the effects of SDR weights on the economic growth of SDR members and their neighboring countries. The increase in SDR weights produces a growth in economics and anti-risk capacity; the growth of exports, fixed capital formation and foreign exchange reserve share also promotes the economic growth. Among the four member economies, Eurozone, the UK and Japan have higher economic fluctuation risk than non-SDR members in their neighborhoods; the United States has smaller economic fluctuation risk than both SDR and non-SDR members. This proves the existence of dollar hegemony:the United States transfers its economic risk to other SDR members and non-SDR members through economic hegemony. The relationship between SDR weights and the economic growth of SDR members before and after the economic crisis is different:SDR weights were not significantly correlated with economic growth before the economic crisis; but after the economic crisis, the correlation turned out to be positive and significant. Moreover, the increase of SDR weights promotes the economic growth for Japan and Eurozone; as for the UK, the increase of its SDR weight does not benefit its economic growth and inhibits the economy of Eurozone. Finally, we analyze the opportunities, risks and challenges after RMB joins the SDR basket.
张涤新, 周丽君, 张弛, 王玉林. SDR权重对成员国经济增长影响及人民币入篮的研究[J]. 系统工程理论与实践, 2018, 38(7): 1656-1676.
ZHANG Dixin, ZHOU Lijun, ZHANG Chi, WANG Yulin. A study of the effects of SDR weights on the economic growth of SDR members based on RMB's participation in the SDR basket. Systems Engineering - Theory & Practice, 2018, 38(7): 1656-1676.
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2018, Vol. 38 
