在本論文中，我們實證研究亞洲新興市場國家持有外匯準備之動機，選取18個新興市場國家，利用panel 迴歸分析法，實證結果發現外匯準備的持有與金融變數具有顯著正相關，而出口成長率與匯率的貶值程度則與外匯準備的需求呈現顯著負相關。若是只考慮8個亞洲新興市場國家，實證結果發現，在金融深化、貿易的開放程度和外匯準備呈現顯著的正相關，而匯率失衡程度與外匯準備呈現顯著的負相關，意謂亞洲新興市場國家藉由貶值的手段來達到經濟成長的目的，致使外匯準備被累積。 In this paper, we empirical examine the motivation of foreign reserves holding in 18 emerging market countries. Using panel regression analysis, the empirical results show that foreign exchange reserves holding is significant positive to financial variables, while the exports growth rate and the degree of exchange rate misalignment are ignificant negative to the demand of foreign reserves. However, considering the eight Asian emerging market countries, the empirical results show that the financial depth and openness of trade are significant positive to the foreign reserves, and the degree of exchange rate misalignment is significant negative to the foreign reserve, which means that the Asian emerging market countries depreciated their currency to achieve economic growth, resulting in the accumulation of foreign reserves.
