本文選題：離岸市場 + 宏觀經(jīng)濟　； 參考：《世界經(jīng)濟研究》2017年09期

【摘要】：貨幣國際化過程必然伴隨著離岸市場的高度發(fā)展,在人民幣國際化進程中,香港離岸人民幣市場發(fā)揮著至關重要的作用;然而,由于我國資本項目未完全開放、人民幣非自由兌換貨幣等原因,離岸人民幣與在岸人民幣存在極大的套利空間,香港離岸人民幣市場反而成為投機資本的集聚地,從而對我國宏觀經(jīng)濟和金融秩序造成干擾。構建涵蓋香港離岸人民幣市場發(fā)展、人民幣國際化程度、人民幣跨境交易、我國宏觀經(jīng)濟發(fā)展等在內的指標體系,運用FAVAR模型實證研究香港離岸市場發(fā)展對我國宏觀經(jīng)濟的影響,并據(jù)此提出化解香港離岸人民幣市場發(fā)展負向影響、構建上海自貿區(qū)離岸人民幣市場、打造香港-上海全球人民幣中心的政策建議。
[Abstract]:The process of currency internationalization is bound to be accompanied by the highly developed offshore market. In the process of RMB internationalization, the offshore RMB market in Hong Kong plays a vital role. However, because the capital account of our country is not fully open, There is a great arbitrage space between offshore RMB and onshore RMB due to the non-freely convertible currency of RMB. Instead, the offshore RMB market in Hong Kong becomes the accumulation of speculative capital, which interferes with the macroeconomic and financial order of our country. To set up an index system covering the development of the offshore renminbi market in Hong Kong, the degree of internationalization of the renminbi, cross-border transactions of the renminbi, and the macroeconomic development of our country. This paper empirically studies the impact of the development of offshore market in Hong Kong on China's macro economy by using FAVAR model, and then proposes to resolve the negative impact of the development of offshore RMB market in Hong Kong and construct the offshore RMB market in Shanghai Free Trade Zone. Policy advice on creating a Hong Kong-Shanghai Global RMB Center.
【作者單位】： 同濟大學經(jīng)濟與管理學院;
【基金】：2017年度上海市教育委員會科研創(chuàng)新計劃人文社會科學重大項目“人民幣國際化進程中的貨幣替代效應與政策選擇研究”(項目號:2017-01-07-00-07-E00045)
【分類號】：F832.6
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本文編號：1954106