离岸人民币区域影响力研究——基于信息溢出的视角

发布时间：2018-05-20 11:22

本文选题：离岸人民币 + 区域影响力　；参考：《金融研究》2017年08期

【摘要】：人民币离岸市场的建设与发展是推动人民币国际化的必经之路。本文通过探讨离岸人民币与中国周边国家(地区)货币的溢出效应及其时变特征来定量分析离岸人民币的区域影响力,进而给人民币国际影响力的发挥提供借鉴。实证结果表明:(1)离岸人民币已经具备了区域性影响力,并且较在岸人民币的影响程度更高;(2)新加坡元、新台币和韩元等对离岸人民币的溢出效应均较强,也就是说离岸人民币尚不能称得上是区域性的锚货币。相关结果为发展香港离岸人民币市场、完善汇率形成机制以及协调中国对周边国家(地区)经济政治政策提供政策依据。
[Abstract]:The construction and development of the RMB offshore market is the only way to promote the internationalization of RMB. This paper makes a quantitative analysis of the regional influence of the offshore RMB by discussing the spillover effect of the offshore RMB and its surrounding countries (regions) and its time-varying characteristics, and then provides a reference for the international influence of the people's currency. The results are as follows: (1) the offshore RMB has a regional influence and has a higher influence than the shore RMB; (2) the spillover effect of the Singapore yuan, the new Taiwan dollar and the Korean dollar on the offshore RMB is stronger, that is to say, the offshore RMB can not be called the regional anchor currency. The related result is the development of the offshore RMB in Hongkong. Market, improve the exchange rate formation mechanism and coordinate China's economic and political policy for neighboring countries (regions).
【作者单位】：中央财经大学金融学院;北京航空航天大学经济管理学院;
【基金】：国家自然科学基金面上项目(71671193) 中央高校基本科研业务费专项基金中央财经大学青年科研创新团队支持计划项目资助
【分类号】：F832.6

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