货币国际化促进金融中心功能深化的实证及借鉴研究

发布时间：2018-04-21 02:04

本文选题：货币国际化 + 人民币国际化　；参考：《复旦大学》2013年硕士论文

【摘要】：自2009年4月国务院关于上海“两个中心”建设文件出台以来,上海金融中心建设取得了明显成效,但距离成为与我国经济实力相匹配的国际金融中心的目标,还有较大差距。因此,研究货币国际化促进金融中心功能深化的规律和借鉴发达国家的有关经验,对抓住人民币国际化加速带的有利机遇,推动上海金融中心国际功能的深化和建设具有重要意义。本文在梳理学习货币国际化及金融中心相关理论的基础上,对货币国际化与国际金融中心功能的关系进行了实证分析。主要是从宏观和中观的视角分析了货币国际化促进金融中心功能深化的机理,对货币国际化程度和金融中心功能的度量模型进行了分析,选取具有代表性的指标量化后,对美元、英镑、日元三种货币的外汇储备占比、外汇交易占比分别与其对应的金融中心股票市场年度融资额在全球中占比、股票市场年度交易额在全球中占比、上市的非居民企业市值在全球中占比开展格兰杰(Granger)因果关系检验。对人民币国外汇交易占比与上海金融市场年度融资额占比、年度交易额占比也进行了格兰杰检验。检验结果显示,在货币国际化加速、增强或者地位较为巩固的情况下,货币国际化与金融中心的股市之间存在相互因果关系,或者说前者是引起后者变化的原因；人民币国际化与上海股市之间存在正向变化的因果关系；而在货币国际化减弱或衰退的情形下,货币国际化与金融中心的股市之间的因果关系表现得不明显。同时,对主要货币国际化促进金融中心功能深化的做法进行了归纳总结,提出了对上海的借鉴启示。在实证研究得出规律的基础上,对人民币国际化推动上海金融中心国际功能深化进行了分析,人民币国际化与上海国际金融中心功能深化相辅相成,上海金融中心国际功能深化具备发展阶段、交易主体、市场平台、基础设施、人民币国际化等方面的基础条件,同时也面临着金融开放度不够、金融创新缺乏、金融人才缺乏等制约因素。为此,提出了上海金融中心国际功能进一步深化的方向建议,即打造人民币全球资产清算中心、人民币离岸金融中心和人民币全球财富管理中心。最后,提出了顺应人民币国际化,促进上海金融中心国际功能深化的具体策略：(1)加快人民币利率汇率市场化改革,构建人民币全球资产清算中心；(2)加大金融创新力度,建设人民币离岸金融中心；(3)加大金融创新机构吸引力度,建设人民币全球财富管理中心。
[Abstract]:Since the implementation of the State Council's document on the construction of "two centers" in Shanghai in April 2009, the construction of Shanghai financial center has achieved remarkable results, but there is still a big gap between the construction of Shanghai financial center and the international financial center which matches the economic strength of our country. Therefore, studying the law of monetary internationalization to promote the deepening of the function of financial center and drawing lessons from the relevant experiences of developed countries will provide a favorable opportunity to seize the accelerating zone of RMB internationalization. It is of great significance to promote the deepening and construction of the international function of Shanghai Financial Center. On the basis of studying the theories of monetary internationalization and financial center, this paper makes an empirical analysis on the relationship between monetary internationalization and the function of international financial center. This paper mainly analyzes the mechanism of monetary internationalization to deepen the function of financial center from the macro and meso angle of view, analyzes the measure model of the degree of monetary internationalization and the function of financial center, and selects the representative index to quantify the degree of monetary internationalization and the function of financial center. The share of foreign exchange reserves in three currencies, the dollar, the pound and the yen, the proportion of foreign exchange transactions, the proportion of annual financing in the stock markets of their corresponding financial centers in the world, and the annual trading volume of the stock market in the world, Market value, a listed non-resident enterprise, conducted Granger causality test in the world. Granger test was also carried out on the proportion of foreign exchange transactions between RMB countries and the annual financing volume of the Shanghai financial market. The results show that there is a causal relationship between the monetary internationalization and the stock market in the financial center, or the former is the reason for the change of the latter. There is a positive causal relationship between RMB internationalization and Shanghai stock market, but the causality between currency internationalization and the stock market in financial center is not obvious when currency internationalization weakens or declines. At the same time, the paper summarizes the ways of promoting the deepening of the function of the financial center by the internationalization of the major currencies, and puts forward some lessons for Shanghai. On the basis of empirical research, this paper analyzes the internationalization of RMB promotes the deepening of the international function of Shanghai Financial Center. The internationalization of RMB and the deepening of function of Shanghai International Financial Center complement each other. The deepening of the international function of the Shanghai Financial Center has the basic conditions of the development stage, the main trading body, the market platform, the infrastructure, the internationalization of the RMB, and so on. At the same time, it is also faced with insufficient financial openness and lack of financial innovation. Lack of financial talent and other constraints. Therefore, the paper puts forward the direction of further deepening the international function of Shanghai Financial Center, that is, to establish the RMB Global Asset Clearing Center, the RMB Offshore Financial Center and the RMB Global Wealth Management Center. Finally, the paper puts forward a specific strategy to comply with the internationalization of the RMB and promote the deepening of the international function of the Shanghai Financial Center: 1) accelerate the marketization reform of the RMB interest rate and exchange rate, and construct the RMB Global Asset Clearing Center (GCSC) to increase financial innovation. The construction of RMB offshore financial center will increase the attraction of financial innovation institutions and build a global wealth management center for RMB.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.6;F832.51

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