中国资本账户开放与人民币国际化的关系研究——基于国际经验比较的影响因素分析

发布时间：2018-11-02 12:08

【摘要】：当前人民币国际化处于关键时机,而这也是中国资本账户开放的重要环节。该文运用面板数据模型对美国、英国、日本和瑞士四个重要的国际货币国家1995—2013年的数据进行实证分析,试图对当前的中国资本账户开放和人民币国际化提供国际经验。分析发现:首先,稳定的宏观经济状态是资本账户开放的坚实基础;其次,货币币值的提升,有助于增强货币的国际化地位;再次,资本账户开放过程中要逐步放开对于直接投资流入的管制,对于直接投资流出管制放开的同时要注重监管;最后,证券组合股权的流入、金融市场对内对外的全面开放、金融深化的推进,都能够提升货币国际化的进程。基于上面的结论,我们也提出了一些相关的政策建议。
[Abstract]:The internationalization of the RMB is at a critical moment, and this is also an important link in the opening of China's capital account. This paper uses panel data model to analyze the data of four important international monetary countries, the United States, the United Kingdom, Japan and Switzerland from 1995 to 2013, in order to provide international experience for the opening of China's capital account and the internationalization of RMB. The results show that: first, stable macroeconomic state is the solid foundation of capital account opening; secondly, the promotion of currency value helps to strengthen the internationalized position of currency. Thirdly, in the process of capital account opening, we should gradually liberalize the control of direct investment inflow, and pay attention to supervision while liberalizing the control of direct investment outflow. Finally, the inflow of portfolio equity, the comprehensive opening of financial market to internal and external, and the promotion of financial deepening can enhance the process of currency internationalization. Based on the above conclusions, we also put forward some relevant policy recommendations.
【作者单位】：苏州大学商学院;
【基金】：国家社科基金项目《国际量化宽松冲击对中国经济的动态影响与应对策略研究》(批准号:13CJL030) 上海市哲学社会科学规划课题《中国国际收支失衡的可持续性与最优对策组合研究》(批准号:2012EJL001)
【分类号】：F832.6

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