人民幣國際化的匯率風險研究
發(fā)布時間:2018-07-08 12:17
本文選題:人民幣 + 國際化; 參考:《吉林大學》2012年碩士論文
【摘要】:近年來,隨著經(jīng)濟金融全球化的不斷深入,和亞洲區(qū)域內(nèi)各國對人民幣的各種貨幣職能的強烈需求,人民幣國際化的雛形已開始逐漸顯現(xiàn)。但相比于世界上通行的國際貨幣,人民幣的國際化程度還明顯偏低:資本項目領(lǐng)域仍然沒有實現(xiàn)自由兌換,人民幣利率仍然存在上下限,人民幣匯率仍未實現(xiàn)自由浮動——人民幣自由化尚未實現(xiàn)。在人民幣國際化的過程中,匯率和利率管制必將逐步放開,這將對國內(nèi)經(jīng)濟造成一定沖擊。本文正是基于這一矛盾,努力探尋匯率在國內(nèi)經(jīng)濟市場中的傳導機制,以求在匯率管制的不斷放開過程中,人民幣國際化能夠平穩(wěn)推進。 在研究方法上,本文采用了理論與實證相結(jié)合的方法,以模型來簡化宏觀問題,以數(shù)據(jù)來多角度描述這一問題,最終,得出了以下結(jié)論:人民幣在現(xiàn)實經(jīng)濟中雖然有區(qū)域化和國際化的發(fā)展趨勢,但實際達到的國際化水平還很低;在人民幣國際化的推進過程當中,匯率風險是最大的瓶頸,盡管匯率的穩(wěn)定保證了匯率錯配風險的降低,但由于匯率的市場化水平還不高,諸多資本管制的存在,他國對人民幣投資、利用人民幣結(jié)算貿(mào)易的成本仍然較高;另外,,在匯率逐步放開管制的過程中,勢必沖擊國內(nèi)商品和進口商品等的價格,從而對整個市場產(chǎn)生影響,而匯率的波動對企業(yè)商品價格的沖擊是最大的,也就是說,當人民幣放開管制,逐步向市場水平靠近,人民幣會不斷升值,對企業(yè)的出口和原材料進口產(chǎn)生不利的影響,從而推高國內(nèi)整體的物價水平。 全文分為五章:首先提出問題并作文獻綜述;其次,本文構(gòu)建了人民幣國際化指數(shù)模型來定量分析人民幣國際化的現(xiàn)狀;再次,本文說明了繼續(xù)推進人民幣國際化的有利條件和挑戰(zhàn);然后對匯率對物價的沖擊進行定量分析;最后進行總結(jié)并提出有針對性的政策建議。本文的不足之處在于,由于本人學術(shù)能力有限,收集的信息有限,對于人民幣國際化推進過程中的匯率風險的對策與建議尚需進一步研究探討。
[Abstract]:In recent years, with the deepening of economic and financial globalization, and the strong demand for various currency functions of RMB in the Asian region, the embryonic form of RMB internationalization has gradually appeared. However, compared with the international currency in the world, the degree of internationalization of the RMB is still on the low side: there is still no free convertibility in the capital account area, and there are still upper and lower levels of RMB interest rates. The RMB exchange rate has not yet been freely floated-the liberalization of the RMB has not yet been realized. In the process of RMB internationalization, the exchange rate and interest rate control will be gradually liberalized, which will have a certain impact on the domestic economy. Based on this contradiction, this paper tries to explore the transmission mechanism of the exchange rate in the domestic economic market, so that RMB internationalization can advance smoothly in the process of continuous liberalization of exchange rate control. In the research method, this paper adopts the method of combining theory with demonstration, simplifies the macroscopic problem with the model, describes the problem with the data from many angles, and finally, The following conclusions are drawn: although the RMB has the development trend of regionalization and internationalization in the real economy, the actual level of internationalization reached is still very low. In the process of promoting the internationalization of RMB, the exchange rate risk is the biggest bottleneck. Although the stability of the exchange rate ensures the reduction of the risk of exchange rate mismatch, due to the low level of marketization of the exchange rate and the existence of a lot of capital controls, the cost of other countries investing in RMB and using RMB to settle their trade is still relatively high; in addition, In the process of gradually liberalizing the exchange rate, it is bound to impact the prices of domestic commodities and imported commodities, thus having an impact on the whole market. The fluctuation of exchange rates has the greatest impact on enterprise commodity prices, that is to say, When the RMB is liberalized and gradually closer to the market level, the RMB will continue to appreciate, which will have a negative impact on the export of enterprises and the import of raw materials, thus pushing up the domestic price level as a whole. The full text is divided into five chapters: first, put forward the questions and write a summary; secondly, this paper constructs the RMB internationalization index model to quantitatively analyze the current situation of RMB internationalization; thirdly, This paper explains the favorable conditions and challenges of continuing to promote RMB internationalization; then carries out quantitative analysis of the impact of exchange rate on prices; finally summarizes and puts forward targeted policy recommendations. The deficiency of this paper is that, due to the limited academic ability and limited information collected, the countermeasures and suggestions for the exchange rate risk in the process of RMB internationalization still need to be further studied and discussed.
【學位授予單位】:吉林大學
【學位級別】:碩士
【學位授予年份】:2012
【分類號】:F832.6;F224
【引證文獻】
相關(guān)期刊論文 前1條
1 劉昊;;我國的匯率政策的選擇以及人民幣國際化與匯率變動的關(guān)系[J];經(jīng)營管理者;2013年22期
本文編號:2107406
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