东京离岸市场发展对日元国际化的影响研究

发布时间：2018-03-28 16:48

本文选题：东京离岸市场　切入点：日元国际化　出处：《吉林大学》2017年硕士论文

【摘要】：一国货币国际化是该国货币在货币职能上向国外的延伸,离岸市场是在境内金融运行体系之外进行金融交易且不受国内相关法律制度管制的国际市场,那么离岸市场发展是否能够有效推进货币进入国际市场呢?答案是肯定的。首先,离岸金融市场所进行的投资、借贷活动,能够提高一国货币知名度,使离岸金融市场上本国货币需求量增加;其次,离岸市场上进行的金融业务不受货币发行国法律制度的管制,交易更加灵活便利,能够有效提高本国货币在世界市场的使用量。本文首先从日元储备货币、结算货币和投资货币三个方面分别论述日元国际化的历程,并对日元国际化最终失败的原因加以分析。其次对日本东京离岸市场进行概述,并分析东京离岸市场对日元国际化的推动作用及推动过程中的不足之处。然后恰当选择变量,利用1992年至2016年间的数据,使用GMM方法实证分析东京离岸市场发展对日元国际化的影响。最后根据前几章节的理论及实证分析来说明日本东京离岸市场推进日元国际化进程中所需条件。实证分析结果表明:东京离岸市场与日元作为储备货币、结算货币和投资货币国际化之间都正向相关,且在不同的置信水平下通过检验,说明东京离岸市场的有效发展能够促进日元作为储备货币、结算货币和投资货币国际化进程的实现。总的来说,东京离岸市场的建立在一定程度上推进了日元国际化的进程,但是由于离岸市场发展不完善、金融体制改革不彻底,使推动过程中存在着一些不足并限制了日元的国际化。但是,如果保证经济稳定发展,掌握独立的货币主权,构建发达的金融市场,进行积极的金融体制改革那么东京离岸市场就能更好地推进日元的国际化。
[Abstract]:The internationalization of a country's currency is the extension of its currency to foreign countries. The offshore market is an international market that carries out financial transactions outside the domestic financial operation system and is not regulated by the relevant domestic legal systems. Can the development of offshore market effectively promote the entry of currency into the international market? The answer is yes. First, the investment and lending activities carried out by the offshore financial market can raise the popularity of a country's currency and increase the demand for domestic currency in the offshore financial market. The financial business in the offshore market is not regulated by the legal system of the currency issuing country, and the transaction is more flexible and convenient, which can effectively increase the use of the domestic currency in the world market. The settlement currency and investment currency respectively discuss the course of yen internationalization, and analyze the reasons for the failure of yen internationalization. Secondly, it summarizes the offshore market in Tokyo, Japan. The paper also analyzes the driving effect of Tokyo offshore market on the internationalization of the yen and the shortcomings in the process. Then it selects the variables appropriately and uses the data from 1992 to 2016. GMM method is used to empirically analyze the impact of the development of Tokyo offshore market on the internationalization of Japanese yen. Finally, according to the theoretical and empirical analysis in the previous chapters, the paper illustrates the necessary conditions for Japanese offshore market to push forward the process of yen internationalization. The empirical results show that the Tokyo offshore market and the Japanese yen are the reserve currencies. Both the settlement currency and the internationalization of the investment currency are positively correlated, and the tests at different confidence levels show that the effective development of the offshore market in Tokyo can promote the yen as a reserve currency. The realization of the internationalization process of settlement currency and Investment currency. In general, the establishment of the offshore market in Tokyo has promoted the process of yen internationalization to a certain extent. However, due to the imperfect development of the offshore market, the financial system reform is not complete. There are some deficiencies in the promotion process and limit the internationalization of the yen. However, if we ensure the stable development of the economy, master independent currency sovereignty, and build a developed financial market, Aggressive reform of the financial system would allow the Tokyo offshore market to better internationalize the yen.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F831.6

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