离岸金融市场的发展对货币国际化的影响研究

发布时间：2018-12-31 22:32

【摘要】：本文首先从离岸金融市场的特征、运行机理和功能这三个角度，对离岸金融市场的发展对货币国际化的影响进行了理论分析。然后分别对美元、英镑、欧元、日元国际化进程进行了梳理，借鉴主要国际货币离岸金融市场发展对货币国际化影响的经验教训。最后选取相关指标建立模型，对离岸金融市场的发展对货币国际化的影响进行实证分析。根据理论、实例、实证分析结果，结合人民币国际化进程中遇到的阻碍，对推进人民币国际化进程提出切实可行的建议。通过美元、欧元、英镑和日元国际化可以发现，每一种货币都是在一定的历史契机下开启货币国际化的道路。美元离岸金融市场的发展确保了美元国际货币地位的长期稳固；日元离岸金融市场发展之初，促进了日元国际化的进程，但后期离岸金融市场的纯双向交易阻碍了日元国际化进程；英国对英镑离岸市场发展的限制，是英镑后期衰落的一个重要因素；马克国际货币地位的延续是欧元成为国际货币地位的重要因素，马克离岸市场的发展是欧元国际化的基石，如今欧元国际货币地位离不开离岸金融市场的发展。实证分析结果显示离岸金融市场的发展、经济实力的增强、对外开放的加大均可以显著正向的推进货币国际化进程。国际金融危机为人民币国际化提供了机遇，，目前我国已具备货币国际化的一些必要条件，但经济增长下行压力大、金融市场不够完善、人民币资本项目管制严格等成为人民币国际化的阻碍。借鉴国际经验，我国应抓住契机，大力发展人民币离岸金融市场，深化国内各项改革确保经济平稳增长，放宽人民币资本项目管制和完善我国金融市场来推进人民币国际化进程，使人民币成为主要国际货币。
[Abstract]:In this paper, the influence of the development of offshore financial market on the currency internationalization is analyzed theoretically from the three angles of the characteristics, operation mechanism and function of the offshore financial market. Then it combs the internationalization process of dollar, pound, euro and yen, and draws lessons from the influence of the development of offshore financial market on currency internationalization. At last, we choose the relevant indexes to establish the model, and analyze the influence of the offshore financial market development on the currency internationalization. According to the theory, examples, empirical analysis results, combined with the obstacles encountered in the process of RMB internationalization, practical suggestions are put forward to promote the process of RMB internationalization. Through the internationalization of the dollar, euro, sterling and yen, it can be found that each currency is opening the way of currency internationalization at a certain historical opportunity. The development of US dollar offshore financial market ensures the long-term stability of US dollar's international currency status. At the beginning of the development of Japanese yen offshore financial market, it promoted the process of yen internationalization, but in the latter stage, the pure two-way transaction of offshore financial market hindered the process of yen internationalization. British restrictions on the development of the offshore market of sterling are an important factor in the decline of the pound; The continuation of Mark's international monetary status is an important factor for the euro to become the international monetary status. The development of the Mark's offshore market is the cornerstone of the euro's internationalization. Nowadays, the euro's international monetary status is inseparable from the development of the offshore financial market. The empirical results show that the development of offshore financial market, the enhancement of economic strength and the increase of opening to the outside world can significantly promote the process of currency internationalization. The international financial crisis has provided an opportunity for the internationalization of the RMB. At present, China already has some necessary conditions for the internationalization of the currency, but the downward pressure on economic growth is great, and the financial market is not perfect enough. Strict control of RMB capital account has become a hindrance to the internationalization of RMB. Drawing lessons from international experience, China should seize the opportunity to vigorously develop the offshore financial market of RMB, deepen various domestic reforms to ensure steady economic growth. Relax the control of RMB capital account and perfect our financial market to promote the internationalization of RMB and make RMB become the main international currency.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6

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