国际债券计价货币的选择及人民币使用的实证研究

发布时间：2018-03-23 02:12

本文选题：国际债券　切入点：计价货币　出处：《国际金融研究》2017年06期 　论文类型：期刊论文

【摘要】：本文从货币职能的角度出发,借鉴外汇储备币种结构的研究方法,对国际债券计价货币币种结构的影响因素进行了实证分析。结果表明,与国际货币交易支付职能密切相关的惯性效应和网络效应对国际债券计价货币币种结构具有显著的影响,与国际货币价值储藏职能密切相关的、以汇率表示的货币外部币值稳定性和国际债券计价货币币种构成密切相关。2008年全球金融危机之后,币值稳定性对国际债券计价货币的影响更加重要,惯性效应则在危机的冲击下消失,网络效应的作用也明显下降。目前人民币的价值储藏这一国际货币职能发展相对滞后,应加快发展在岸外汇市场,进一步放开外汇市场准入和产品交易限制,加快人民币汇率形成机制改革,以此促进人民币在国际金融交易投资中发挥更大的作用。
[Abstract]:From the point of view of currency function, this paper makes an empirical analysis of the influencing factors of the currency structure of international bond valuation by referring to the research method of currency structure of foreign exchange reserve. The inertial effect and network effect, which are closely related to the payment function of international currency transaction, have significant influence on the currency structure of international bond valuation, and are closely related to the storage function of international currency value. The external currency stability expressed in terms of exchange rates is closely related to the composition of currencies denominated in international bonds. After the 2008 global financial crisis, the impact of currency stability on international bond denominated currencies became even more important. The inertia effect disappeared under the impact of the crisis, and the role of the network effect also declined obviously. At present, the value storage of RMB, the function of international currency, is relatively lagging behind, so we should speed up the development of the onshore foreign exchange market. Further liberalize foreign exchange market access and product trading restrictions and accelerate the reform of the RMB exchange rate formation mechanism in order to promote the renminbi to play a greater role in international financial transactions and investment.
【作者单位】：中国人民大学财政金融学院;中国银行国际金融研究所;吉林大学经济学院;
【基金】：国家自然科学基金项目“人民币国际使用的最佳边界与金融风险管理”(项目编号:71573268)资助
【分类号】：F832.6

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