The Empirical Test of Currency Anchor Effect of RMB on Countries Along"the Belt and Road"
Based on the modified two-stage Frankel-Wei model,a time-varying parameter state-space model is constructed in the second stage regression analysis,and the hidden monetary anchor effect of RMB and other major world currencies on the countries along"the Belt and Road"is tested and compared in sample period.According to the test results,the index vari-ables were selected from the two aspects of"great power anchoring effect"and"intimate anchoring effect",and the two-stage Heckman model was constructed to conduct regression analysis on the influencing factors of RMB anchoring effect along"the Belt and Road".The results show that the currency anchor effect of RMB on the countries along the route has exceeded the British pound,and is basically equivalent to the Japanese yen,but there is still a large gap compared with the US dollar and the euro.At present,the anchor effect of RMB along the"One Road"is higher than that of countries along the"One Belt";Al-though the anchoring effect of RMB on the countries along"the Belt and Road"is not high and stable,the regions with signifi-cant anchoring effect have gradually formed.Among the countries along"the Belt and Road"in different regions,there are certain differences in the influencing factors of whether to anchor RMB and the size of the anchor effect of RMB on the coun-tries along"the Belt and Road".Therefore,this paper further discusses how to further enhance the currency anchor effect of RMB on countries along"the Belt and Road"in the future.
"the Belt and Road"InitiativeMonetary Anchor EffectFrankel-Wei ModelTime-Varying Parameter State Space ModelHeckman Model
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