本文選題：東京離岸市場　切入點：日元國際化　出處：《吉林大學(xué)》2017年碩士論文

【摘要】：一國貨幣國際化是該國貨幣在貨幣職能上向國外的延伸,離岸市場是在境內(nèi)金融運(yùn)行體系之外進(jìn)行金融交易且不受國內(nèi)相關(guān)法律制度管制的國際市場,那么離岸市場發(fā)展是否能夠有效推進(jìn)貨幣進(jìn)入國際市場呢?答案是肯定的。首先,離岸金融市場所進(jìn)行的投資、借貸活動,能夠提高一國貨幣知名度,使離岸金融市場上本國貨幣需求量增加;其次,離岸市場上進(jìn)行的金融業(yè)務(wù)不受貨幣發(fā)行國法律制度的管制,交易更加靈活便利,能夠有效提高本國貨幣在世界市場的使用量。本文首先從日元儲備貨幣、結(jié)算貨幣和投資貨幣三個方面分別論述日元國際化的歷程,并對日元國際化最終失敗的原因加以分析。其次對日本東京離岸市場進(jìn)行概述,并分析東京離岸市場對日元國際化的推動作用及推動過程中的不足之處。然后恰當(dāng)選擇變量,利用1992年至2016年間的數(shù)據(jù),使用GMM方法實證分析東京離岸市場發(fā)展對日元國際化的影響。最后根據(jù)前幾章節(jié)的理論及實證分析來說明日本東京離岸市場推進(jìn)日元國際化進(jìn)程中所需條件。實證分析結(jié)果表明:東京離岸市場與日元作為儲備貨幣、結(jié)算貨幣和投資貨幣國際化之間都正向相關(guān),且在不同的置信水平下通過檢驗,說明東京離岸市場的有效發(fā)展能夠促進(jìn)日元作為儲備貨幣、結(jié)算貨幣和投資貨幣國際化進(jìn)程的實現(xiàn)�？偟膩碚f,東京離岸市場的建立在一定程度上推進(jìn)了日元國際化的進(jìn)程,但是由于離岸市場發(fā)展不完善、金融體制改革不徹底,使推動過程中存在著一些不足并限制了日元的國際化。但是,如果保證經(jīng)濟(jì)穩(wěn)定發(fā)展,掌握獨立的貨幣主權(quán),構(gòu)建發(fā)達(dá)的金融市場,進(jìn)行積極的金融體制改革那么東京離岸市場就能更好地推進(jìn)日元的國際化。
[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.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F831.6

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