离岸金融市场发展对货币国际化的影响研究

发布时间：2018-05-11 01:15

本文选题：货币国际化 + 离岸金融市场　；参考：《湖南大学》2012年硕士论文

【摘要】：经过了08年金融危机洗礼后，我国出于降低外汇结算风险、减少外汇结算成本的考虑，开始加紧人民币国际化战略部署。但是，国内金融环境薄弱、资本项目尚未完全开放、缺乏人民币境外流通市场等等因素造成人民币境外流通不畅，很大程度上阻碍了人民币国际化的进程。借鉴离岸金融市场在美元、日元等国际货币的国际化道路上发挥重要促进作用的历史经验，我国必须尽早引入离岸金融市场，提高人民币境外的使用规模。本文将离岸金融市场对货币国际化的影响进行深入研究，分别选取美元、日元能够反映货币国际化各影响因素、货币国际化程度的指标数据，建立回归模型，根据实证检验结果，验证离岸金融市场对货币国际化的影响。本文的实证结果显示：在各因素与货币国际化程度的相关性分析中，本国经济实力、币值的稳定、国内金融市场发展、离岸金融市场发展4个因素与货币国际化相关关系显著；同时，在建立影响因素与货币国际化之间的多元回归模型和各因素的比较静态分析后，表明离岸金融市场的发展能够促进货币国际化。根据本文的离岸金融市场对货币国际化影响的机理分析和实证分析结果，针对离岸金融市场在货币国际化过程中的重要作用，为人民币国际化进程提供具体化、有针对性的相关建议，发挥离岸金融市场在提高货币在国际市场上的交易量、提高货币国际地位的先天优势，在人民币跨境贸易结算试点推广的同时，，加快离岸金融市场的建设，更好的促进人民币跨境贸易结算，推动人民币进一步走向国际化。
[Abstract]:After the baptism of financial crisis in 2008, in order to reduce the risk of foreign exchange settlement and reduce the cost of foreign exchange settlement, China began to step up the internationalization of RMB strategic deployment. However, the domestic financial environment is weak, the capital account has not been fully opened, the lack of RMB circulation market and other factors cause the flow of RMB abroad is not smooth, which to a large extent hinders the process of RMB internationalization. Drawing lessons from the historical experience that offshore financial markets play an important role in promoting the internationalization of international currencies such as US dollar and Japanese yen, China must introduce offshore financial markets as soon as possible to increase the scale of RMB use abroad. In this paper, the influence of offshore financial market on currency internationalization is studied in depth, and a regression model is established by selecting US dollar and Japanese yen to reflect the influencing factors of currency internationalization and the index data of currency internationalization degree. According to the empirical test results, verify the impact of offshore financial market on currency internationalization. The empirical results show that: in the analysis of the correlation between each factor and the degree of currency internationalization, there are four factors related to the internationalization of currency: the domestic economic strength, the stability of currency, the development of domestic financial market and the development of offshore financial market; At the same time, after establishing the multivariate regression model between influencing factors and currency internationalization and comparing the static analysis of each factor, it shows that the development of offshore financial market can promote currency internationalization. According to the mechanism analysis and empirical analysis of the influence of offshore financial market on currency internationalization, this paper aims at the important role of offshore financial market in the process of currency internationalization, which provides a concrete way for the internationalization of RMB. Pertinent suggestions should be made to give full play to the inherent advantages of the offshore financial market in increasing the volume of currency trading in the international market and enhancing the international status of the currency, and at the same time as the RMB cross-border trade settlement is being pilot promoted, Accelerate the construction of offshore financial market, better promote RMB cross-border trade settlement, promote the further internationalization of RMB.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5;F832.6

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