日本离岸金融市场发展经验及其对中国的启示

发布时间：2018-03-15 05:10

本文选题：日本离岸金融市场　切入点：日本经济泡沫　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：本文首先从定性角度分析日本离岸金融市场的发展经验,认为日本离岸金融市场并没有真正做到内外分离,而是在离岸市场和在岸市场之间上演了一场由开展离岸金融业务的银行业主导的“再贷款游戏”。本文同时指出日本经济泡沫主要是宏观政策和金融改革不协调造成的,日本离岸金融市场并不是主要因素。此外,本文从定量角度研究了影响日本离岸金融市场规模的因素,结果显示离岸与在岸存款利差、人均GDP、进出口总和占GDP的比重、金融机构对私人部门贷款占GDP的比重以及日本政府治理水平指标对日本离岸金融市场规模有显著正向的影响；股票市场市值占GDP的比重对日本离岸金融市场规模有显著负向的影响。日本离岸金融市场定性和定量研究给中国建立离岸金融市场提供重要参考意义。中国政府在推动本国离岸金融市场发展的过程中,需要改善国内宏观经济形势,促进经济的不断开放；对离岸金融业务进行有效监管,防止离岸资产与负债的不匹配；增加金融机构对私人部门的支持力度以及提高政府治理水平。
[Abstract]:This paper first analyzes the development experience of Japan's offshore financial market from a qualitative point of view, and concludes that Japan's offshore financial market has not really achieved internal and external separation. Instead, there is a "reloan game" between the offshore market and the onshore market, dominated by banks engaged in offshore finance. At the same time, this paper points out that the Japanese economic bubble was mainly caused by the incoordination of macroeconomic policies and financial reforms. Japan's offshore financial markets are not the main factor. In addition, this paper studies the factors that influence the scale of offshore financial market in Japan from a quantitative point of view. The results show that the difference between offshore and onshore deposit interest rates, the proportion of GDP per capita, the sum of imports and exports, The ratio of private sector loans to GDP and the level of Japanese government governance have a significant positive impact on the scale of offshore financial market in Japan. Market value's share of GDP has a significant negative impact on the size of Japan's offshore financial market. The qualitative and quantitative study of Japan's offshore financial market provides an important reference for China to establish an offshore financial market. In the process of promoting the development of its offshore financial market, the Chinese government needs to improve the domestic macroeconomic situation. Promote economic openness; regulate offshore finance effectively to prevent mismatches between offshore assets and liabilities; increase financial institutions' support for the private sector and improve government governance.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.6;F833.13

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