人民幣國(guó)際化的作用、影響與路徑
發(fā)布時(shí)間：2018-08-20 13:11
【摘要】：國(guó)際化貨幣是指那些在發(fā)行國(guó)以外被廣泛用于貿(mào)易與金融交易計(jì)價(jià)與結(jié)算,并被外國(guó)公共及私人部門廣泛持有的貨幣。與國(guó)內(nèi)范疇的貨幣職能相同,國(guó)際化貨幣在國(guó)際范圍內(nèi)執(zhí)行計(jì)價(jià)單位、交易媒介以及價(jià)值儲(chǔ)藏三大職能。這些職能同時(shí)也是衡量該貨幣國(guó)際化程度的標(biāo)準(zhǔn)和依據(jù),具體來說,一種貨幣達(dá)到國(guó)際化貨幣的主要表現(xiàn)是：國(guó)內(nèi)企業(yè)廣泛使用本國(guó)貨幣作為其一部分或者全部出口貿(mào)易的計(jì)價(jià)貨幣;外國(guó)公司、金融機(jī)構(gòu)、政府及個(gè)人可以通過合法途徑持有該貨幣和相關(guān)金融資產(chǎn)等。 大部分國(guó)家都希望本國(guó)的貨幣可以國(guó)際化,這是因?yàn)閷?duì)于私人部門來說,國(guó)際化可以幫助企業(yè)完全規(guī)避匯率風(fēng)險(xiǎn)；而對(duì)于公共部門,國(guó)際化可以使該國(guó)政府在國(guó)際金融市場(chǎng)上的借貸成本大大降低,而這種公共借貸開支的節(jié)省也會(huì)使私人部門融資的成本降低,從而為企業(yè)的發(fā)展提供一個(gè)更好的環(huán)境。同時(shí),貨幣國(guó)際化也會(huì)給該國(guó)帶來一定的負(fù)面影響,這種風(fēng)險(xiǎn)一方面可以用著名的“蒙代爾三角”理論來解釋,另一方面,由于外國(guó)投資者的加入,為本國(guó)金融市場(chǎng)帶來了更多的風(fēng)險(xiǎn)因素。因此,一國(guó)貨幣的國(guó)際化,首先要權(quán)衡這種利益與風(fēng)險(xiǎn)的對(duì)比關(guān)系,即不應(yīng)冒進(jìn),也不要過于保守。在適當(dāng)?shù)那闆r下,政府可以進(jìn)行政策干預(yù),從而加速貨幣的國(guó)際化進(jìn)程。 政府要推動(dòng)國(guó)際化,首先要搞清楚貨幣國(guó)際化的決定因素,從而選擇合適的方法達(dá)到該目標(biāo)。本文考察了美元的成功經(jīng)驗(yàn)與日元失敗的教訓(xùn)：美國(guó)在經(jīng)濟(jì)規(guī)模達(dá)到一定水平的情況下,為推動(dòng)美元國(guó)際化建立了美聯(lián)儲(chǔ),從而加強(qiáng)了投資者對(duì)市場(chǎng)的信心,同時(shí)支持銀行發(fā)行銀行承兌等金融產(chǎn)品,并在該市場(chǎng)形成的初期對(duì)其進(jìn)行了合理的干預(yù)。此外,美國(guó)還開拓了歐洲美元的市場(chǎng),極大的拓寬了美元國(guó)際使用的地域范圍,從而很快的使美元成為了最重要的國(guó)際貨幣。反觀日本,其推動(dòng)日元國(guó)際化的時(shí)機(jī)選擇并不理想,且一直使用稅收等間接手段刺激日元的國(guó)際使用,這樣的方法以及日本經(jīng)濟(jì)在同期低迷的表現(xiàn)導(dǎo)致了日元國(guó)際化的失敗。這些經(jīng)驗(yàn)說明,貨幣國(guó)際化的根本動(dòng)力在于需求,一國(guó)經(jīng)濟(jì)總量和在國(guó)際貿(mào)易中的地位決定了這種需求。在此基礎(chǔ)上,政府可以推行開放的貨幣政策滿足國(guó)際需要,從而推動(dòng)貨幣的國(guó)際化。 隨著發(fā)展中國(guó)家的發(fā)展,其在世界經(jīng)濟(jì)的整體份額已經(jīng)達(dá)到了一半左右,而且以我國(guó)為代表的發(fā)展中國(guó)家已經(jīng)在世界貿(mào)易網(wǎng)絡(luò)中占據(jù)了非常重要的地位,因此,現(xiàn)在對(duì)于主要發(fā)展中國(guó)家貨幣國(guó)際化情況的考察是非常及時(shí)而且必要的。為此,本文考察了金磚五國(guó)貨幣的國(guó)際供需情況,并發(fā)現(xiàn)除人民幣外,其他四國(guó)貨幣的國(guó)際需求距離主要國(guó)際貨幣的水平還有很大的差距,而人民則是唯一具有在短期內(nèi)實(shí)現(xiàn)國(guó)際化潛質(zhì)的貨幣。以人民幣為首的發(fā)展中國(guó)家貨幣的國(guó)際化,可以為公共部門和私人部門的投資經(jīng)理提供更多樣的資產(chǎn)選擇,同時(shí)也有利于推動(dòng)相關(guān)區(qū)域金融一體化進(jìn)程及規(guī)避外匯風(fēng)險(xiǎn)。 為此,我國(guó)已經(jīng)制定了一系列推動(dòng)人民幣國(guó)際化的政策并開展了相關(guān)工作。但是,我國(guó)為了積累人民幣在離岸市場(chǎng)的流動(dòng)性,實(shí)施了鼓勵(lì)進(jìn)口交易在離岸市場(chǎng)人民幣結(jié)算的政策。由于人民幣存在很強(qiáng)的升值預(yù)期,該政策誘使很多貿(mào)易商以貿(mào)易結(jié)算為名進(jìn)行套利,這一方面不利于人民幣海外流動(dòng)性的積累,同時(shí)還為離岸市場(chǎng)制造了巨大的風(fēng)險(xiǎn)。為了解決這一問題,我國(guó)應(yīng)該將人民幣國(guó)際化與開放資本賬戶結(jié)合起來,循序漸進(jìn)的推動(dòng)各項(xiàng)工作。 除了資本賬戶的開放,人民幣離岸市場(chǎng)的發(fā)展策略對(duì)國(guó)際化也具有舉足輕重的作用。我國(guó)已經(jīng)實(shí)行了一系列的優(yōu)惠政策來支持以香港為樞紐的離岸市場(chǎng)的發(fā)展。在短期內(nèi),倫敦和新加坡等后起之秀仍然無法替代香港在離岸市場(chǎng)中的核心地位,同時(shí)上海金融市場(chǎng)也很難達(dá)到一定的開放程度,因此,我國(guó)還是要以發(fā)展香港為中心,并利用香港的金融市場(chǎng)發(fā)達(dá)的基礎(chǔ)設(shè)施等優(yōu)勢(shì)帶動(dòng)其他市場(chǎng)的發(fā)展,從而全面推動(dòng)人民幣的國(guó)際使用。 人民幣國(guó)家化的一個(gè)重要影響就是人民幣加入特別提款權(quán)貨幣籃子,這是對(duì)人民幣國(guó)際貨幣地位的一種官方承認(rèn),同時(shí)是否達(dá)到貨幣籃子的加入標(biāo)準(zhǔn)也是對(duì)人民幣國(guó)際化程度的一種考察。面對(duì)嚴(yán)峻的國(guó)際金融形勢(shì),IMF希望人民幣于2015年加入特別提款權(quán)。根據(jù)本文論證,盡早加入雖然有利于我國(guó)的外匯儲(chǔ)備管理,但是卻并不利于我國(guó)金融市場(chǎng)的穩(wěn)定,而加快香港離岸市場(chǎng)的發(fā)展也會(huì)給在岸市場(chǎng)帶來風(fēng)險(xiǎn)。因此人民幣加入特別提款權(quán)不宜過急。恰當(dāng)?shù)倪x擇時(shí)機(jī)是國(guó)際化成功的關(guān)鍵。
[Abstract]:Internationalized currencies refer to those currencies that are widely used in the valuation and settlement of trade and financial transactions outside the issuing country and are widely held by foreign public and private sectors. As with domestic monetary functions, international currencies perform three major functions in the international arena: unit of valuation, medium of exchange and value storage. It is also a standard and basis for measuring the degree of internationalization of a currency. Specifically, the main manifestations of a currency's internationalization are: domestic enterprises widely use their own currency as a denominator of part or all of their export trade; foreign companies, financial institutions, governments and individuals can hold the currency through legal channels. And related financial assets.
Most countries want their currencies internationalized, because internationalization can help companies avoid exchange rate risk altogether for the private sector; for the public sector, internationalization can greatly reduce the government's borrowing costs in the international financial market, and this savings in public borrowing costs can also make private. At the same time, the internationalization of the currency will also bring some negative effects on the country. On the one hand, this risk can be explained by the famous "Montreal Triangle" theory. On the other hand, the entry of foreign investors has brought about a better environment for the development of domestic financial markets. Therefore, the first step in the internationalization of a country's currency is to weigh the contrast between its interests and risks, that is, it should not be ventured or too conservative.
In order to promote the internationalization of the US dollar, the government must first find out the determinants of the internationalization of the currency and choose the right way to achieve this goal. Confidence in the market and support of banks in issuing financial products such as bank acceptance and reasonable intervention in the early stages of the market formation. In addition, the United States also opened up the European dollar market, greatly broadening the scope of international use of the dollar, thus quickly making the dollar the most important international currency. Essentially, the timing for the internationalization of the yen is not ideal, and indirect measures such as taxation have been used to stimulate the international use of the yen. This method and the performance of the Japanese economy in the same period of downturn have led to the failure of the internationalization of the yen. The position of international trade determines this demand. On this basis, the government can implement an open monetary policy to meet international needs, thus promoting the internationalization of money.
With the development of developing countries, their overall share in the world economy has reached about half, and the developing countries represented by China have occupied a very important position in the world trade network. Therefore, it is very timely and necessary to investigate the currency internationalization of the major developing countries. This paper examines the international supply and demand of BRICS currencies and finds that the international demand of the currencies of the other four countries is far from the level of the major international currencies except RMB, while the people are the only currencies with the potential to achieve internationalization in the short term. It can provide diversified asset choices for investment managers in both the public and private sectors, as well as promote regional financial integration and avoid foreign exchange risks.
To this end, China has formulated a series of policies to promote the internationalization of the RMB and has carried out related work. However, in order to accumulate the liquidity of the RMB in the offshore market, China has implemented a policy to encourage the RMB settlement of import transactions in the offshore market. Arbitrage in the name of trade settlement is not conducive to the accumulation of RMB overseas liquidity, but also creates a huge risk for offshore markets. In order to solve this problem, China should combine the internationalization of RMB with the opening of capital account, and gradually promote the work.
In addition to the opening of the capital account, the development strategy of the RMB offshore market also plays an important role in internationalization. Our country has implemented a series of preferential policies to support the development of the offshore market with Hong Kong as its hub. At the same time, Shanghai's financial market is also difficult to achieve a certain degree of openness. Therefore, China should take the development of Hong Kong as the center, and make use of the developed infrastructure of Hong Kong's financial market to promote the development of other markets, so as to promote the international use of the RMB in an all-round way.
An important influence of RMB nationalization is that RMB joins the SDR currency basket, which is an official recognition of RMB's International Monetary status. At the same time, whether the RMB meets the entry criteria of the currency basket is also an examination of the degree of RMB internationalization. According to this paper, it is not conducive to the stability of China's financial market to join the SDR as soon as possible, but it is not conducive to the stability of China's financial market. The acceleration of the development of the offshore market in Hong Kong will also bring risks to the onshore market. The key to success.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.6
本文編號(hào)：2193728
[Abstract]:Internationalized currencies refer to those currencies that are widely used in the valuation and settlement of trade and financial transactions outside the issuing country and are widely held by foreign public and private sectors. As with domestic monetary functions, international currencies perform three major functions in the international arena: unit of valuation, medium of exchange and value storage. It is also a standard and basis for measuring the degree of internationalization of a currency. Specifically, the main manifestations of a currency's internationalization are: domestic enterprises widely use their own currency as a denominator of part or all of their export trade; foreign companies, financial institutions, governments and individuals can hold the currency through legal channels. And related financial assets.
Most countries want their currencies internationalized, because internationalization can help companies avoid exchange rate risk altogether for the private sector; for the public sector, internationalization can greatly reduce the government's borrowing costs in the international financial market, and this savings in public borrowing costs can also make private. At the same time, the internationalization of the currency will also bring some negative effects on the country. On the one hand, this risk can be explained by the famous "Montreal Triangle" theory. On the other hand, the entry of foreign investors has brought about a better environment for the development of domestic financial markets. Therefore, the first step in the internationalization of a country's currency is to weigh the contrast between its interests and risks, that is, it should not be ventured or too conservative.
In order to promote the internationalization of the US dollar, the government must first find out the determinants of the internationalization of the currency and choose the right way to achieve this goal. Confidence in the market and support of banks in issuing financial products such as bank acceptance and reasonable intervention in the early stages of the market formation. In addition, the United States also opened up the European dollar market, greatly broadening the scope of international use of the dollar, thus quickly making the dollar the most important international currency. Essentially, the timing for the internationalization of the yen is not ideal, and indirect measures such as taxation have been used to stimulate the international use of the yen. This method and the performance of the Japanese economy in the same period of downturn have led to the failure of the internationalization of the yen. The position of international trade determines this demand. On this basis, the government can implement an open monetary policy to meet international needs, thus promoting the internationalization of money.
With the development of developing countries, their overall share in the world economy has reached about half, and the developing countries represented by China have occupied a very important position in the world trade network. Therefore, it is very timely and necessary to investigate the currency internationalization of the major developing countries. This paper examines the international supply and demand of BRICS currencies and finds that the international demand of the currencies of the other four countries is far from the level of the major international currencies except RMB, while the people are the only currencies with the potential to achieve internationalization in the short term. It can provide diversified asset choices for investment managers in both the public and private sectors, as well as promote regional financial integration and avoid foreign exchange risks.
To this end, China has formulated a series of policies to promote the internationalization of the RMB and has carried out related work. However, in order to accumulate the liquidity of the RMB in the offshore market, China has implemented a policy to encourage the RMB settlement of import transactions in the offshore market. Arbitrage in the name of trade settlement is not conducive to the accumulation of RMB overseas liquidity, but also creates a huge risk for offshore markets. In order to solve this problem, China should combine the internationalization of RMB with the opening of capital account, and gradually promote the work.
In addition to the opening of the capital account, the development strategy of the RMB offshore market also plays an important role in internationalization. Our country has implemented a series of preferential policies to support the development of the offshore market with Hong Kong as its hub. At the same time, Shanghai's financial market is also difficult to achieve a certain degree of openness. Therefore, China should take the development of Hong Kong as the center, and make use of the developed infrastructure of Hong Kong's financial market to promote the development of other markets, so as to promote the international use of the RMB in an all-round way.
An important influence of RMB nationalization is that RMB joins the SDR currency basket, which is an official recognition of RMB's International Monetary status. At the same time, whether the RMB meets the entry criteria of the currency basket is also an examination of the degree of RMB internationalization. According to this paper, it is not conducive to the stability of China's financial market to join the SDR as soon as possible, but it is not conducive to the stability of China's financial market. The acceleration of the development of the offshore market in Hong Kong will also bring risks to the onshore market. The key to success.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.6
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 陳衛(wèi)東;李建軍;;日元國(guó)際化過程中值得關(guān)注的若干問題——兼論一國(guó)貨幣國(guó)際化的基本條件與模式[J];國(guó)際金融研究;2010年06期
2 楊長(zhǎng)ng;;人民幣國(guó)際化可能的路線圖及相關(guān)問題分析[J];國(guó)際金融研究;2010年11期
3 何帆;張斌;張明;徐奇淵;鄭聯(lián)盛;;香港離岸人民幣金融市場(chǎng)的現(xiàn)狀、前景、問題與風(fēng)險(xiǎn)[J];國(guó)際經(jīng)濟(jì)評(píng)論;2011年03期
4 員瑜平;;從離岸市場(chǎng)的類型解讀人民幣國(guó)際化趨向[J];南方金融;2012年11期
5 陳雨露,王芳,楊明;作為國(guó)家競(jìng)爭(zhēng)戰(zhàn)略的貨幣國(guó)際化:美元的經(jīng)驗(yàn)證據(jù)——兼論人民幣的國(guó)際化問題[J];經(jīng)濟(jì)研究;2005年02期
6 李稻葵;劉霖林;;人民幣國(guó)際化：計(jì)量研究及政策分析[J];金融研究;2008年11期
7 陸前進(jìn);;美元霸權(quán)和國(guó)際貨幣體系改革——兼論人民幣國(guó)際化問題[J];上海財(cái)經(jīng)大學(xué)學(xué)報(bào);2010年01期
8 李建軍,田光寧;三大貨幣國(guó)際化的路徑比較與啟示[J];上海金融;2003年09期
9 李曉,李俊久,丁一兵;論人民幣的亞洲化[J];世界經(jīng)濟(jì);2004年02期
10 李曉;“日元國(guó)際化”的困境及其戰(zhàn)略調(diào)整[J];世界經(jīng)濟(jì);2005年06期
，本文編號(hào)：2193728
本文鏈接：http://sikaile.net/guanlilunwen/bankxd/2193728.html
最近更新
教材專著
