Research Article
Does Shanghai International Financial Center Promote RMB Internationalization?
| | Panel A: RMB cross-border settlement of trade |
| | | OLS | HAC | CO | PW | | SDrfct | 3.9084 (0.4288) | 3.9084 (0.4623) | 3.5475 (0.7358) | 3.8380 (0.6429) | | SEtradet | 0.1397 (0.0343) | 0.1397 (0.0358) | 0.1697 (0.0388) | 0.1669 (0.0386) | | SEtradet-3 | 0.1377 (0.0362) | 0.1377 (0.0363) | 0.0626 (0.0392) | 0.0650 (0.0390) | | Dt | 14.2158 (1.8478) | 14.2158 (1.8896) | 13.0964 (3.2133) | 14.3384 (2.8250) | | Dt ###XXX###D7; SDrfct | −3.4645 (0.4345) | −3.4645 (0.4471) | −3.1703 (0.7539) | −3.4624 (0.6623) | | Constant | −10.8777 (1.7380 | −10.8777 (1.8770) | −8.9371 (3.0040) | −10.1673 (2.5946) | | F-value | 55.96 | 71.84 | 18.68 | 67.48 | | R-square | 0.7178 | 0.7178 | 0.4615 | 0.7541 | | Observation | 116 | 116 | 115 | 116 |
| | Panel B: RMB cross-border direct investment | | | OLS | HAC | CO | PW | | SDrfct | 8.9337 (1.0550) | 8.9337 (0.7466) | 9.6198 (1.5065) | 9.4082 (1.4021) | | SEtradet | 0.0203 (0.0723) | 0.0203 (0.0806) | 0.1212 (0.0859) | 0.1211 (0.0854) | | SEtradet-5 | 0.2577 (0.0774) | 0.2577 (0.1069) | 0.1692 (0.0894) | 0.1663 (0.0884) | | Dt | 29.25841 (4.5196 | 29.25841 (3.3460) | 32.2873 (6.5053) | 31.3810 (6.0610) | | Dt ###XXX###D7; SDrfct | −6.9411 (1.0634) | −6.9411 (0.7671) | −7.6572 (1.5293) | −7.4437 (1.4246) | | Constant | −34.1685 (4.3076) | −34.1685 (2.9672) | −37.1947 (6.2092) | −36.2667 (5.7262) | | F-value | 131.58 | 131.58 | 61.80 | 62.89 | | R-square | 0.8590 | 0.8590 | 0.7428 | 0.7443 | | Observation | 114 | 114 | 113 | 114 |
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Note.,, and denote significance at 1%, 5%, and 10%, respectively, and the standard errors of each coefficient are enclosed in parentheses. |
