香港人民币离岸金融市场对内地货币政策影响研究

发布时间：2018-01-02 08:05

本文关键词：香港人民币离岸金融市场对内地货币政策影响研究　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：经济实力的不断稳步提升使得人民币国家化进程的脚步不断加快。随着我国与东南亚、东亚等国家地区的经济和贸易往来规模不断扩大的趋势，人民币近年来的需求也随之不断增长。香港人民币离岸中心的建立对于人民币的国际化具有十分重要的意义和推动作用。一方面，香港人民币离岸金融中心的建立可以促进利率和汇率的市场化；另一方面，离岸金融中心的建立可以通过更好地估计离岸人民币流通的规模从而达到提高在岸金融监管机构效率的目的。本文在第一部分首先阐述了人民币离岸市场的概念、特点和香港作为人民币离岸金融市场的优势所在。在文章的第二部分，本文在针对香港人民币离岸金融市场的发展对内地货币政策的影响方面采用了将定性分析和定量分析两种方式相结合的方法。在定性分析方面，，一方面从利率、汇率、资产价格三个角度论述了香港人民币离岸市场的发展状况对货币政策传导机制的影响；另一方面通过乔顿模型分析了离岸市场规模的发展对内地货币供给量的影响。在定量分析上，本文选取了境内人民供应量（M2）、香港离岸市场规模（HRD）、人民币即期汇率、NDF汇率等数据，采用Granger因果检验法等方法分析了在岸市场与离岸市场的相互影响关系。在文章的最后，本文就以上研究的结果进行总结分析，并依据实际情况对如何减弱香港人民币离岸金融市场的发展对境内货币政策的冲击提出了对策和建议。
[Abstract]:The economic strength of steady improvement makes the process of accelerating the pace of RMB countries. With China and Southeast Asia, East Asia and other countries and regions in economic and trade continues to expand the scale of the trend of the RMB demand in recent years has increased rapidly. Hongkong has very important significance to establish RMB off shore Center for RMB internationalization and role. On the one hand, the establishment of offshore financial centers in Hongkong can promote the marketization of interest rate and exchange rate; on the other hand, can be established through better estimation of offshore RMB circulation scale so as to improve the efficiency of the bank financial regulators to offshore financial center. The first part describes the concept of offshore RMB market the characteristics and the Hongkong as the RMB offshore financial market advantage. In the second part of this paper. In the Hongkong influence the development of the RMB offshore financial market on monetary policy in the mainland by the method of qualitative analysis and quantitative analysis of the combination of the two modes. In the aspect of qualitative analysis, on the one hand, from the interest rate, exchange rate, three aspects of asset price discusses the development status of Hongkong RMB offshore market on the transmission mechanism monetary policy; on the other hand, analysis of the impact of the development of offshore market size of mainland money supply by Jordan model. In the quantitative analysis, this paper selects the domestic supply of people (M2), Hongkong's offshore market scale (HRD), the spot exchange rate of RMB exchange rate, NDF data, using Granger test to analyze the mutual influence in the offshore market and the offshore market. In the end, this paper summarizes and analyzes the results above, according to the actual situation of how to weaken The development of the offshore financial market in Hongkong has put forward some countermeasures and suggestions on the impact of the domestic monetary policy.

【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6;F822.0

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