本文關(guān)鍵詞：亞洲債券市場(chǎng)發(fā)展中的問題與對(duì)策研究　出處：《云南財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 亞洲債券市場(chǎng) 計(jì)值貨幣 亞洲債券基金 基礎(chǔ)設(shè)施

【摘要】：在世界經(jīng)濟(jì)全球化和區(qū)域經(jīng)濟(jì)一體化的背景下，區(qū)域金融合作的進(jìn)程也日益加快，亞洲債券市場(chǎng)作為該地區(qū)最有可能在短期內(nèi)取得實(shí)質(zhì)性進(jìn)展的金融合作項(xiàng)目，一直是各國關(guān)注的焦點(diǎn)，并且已在相關(guān)領(lǐng)域取得了一定的成果。但這些成果或被束之高閣，或是停滯不前，總之并沒有促進(jìn)亞洲債券市場(chǎng)的迅速發(fā)展。本文試圖在前人研究的基礎(chǔ)上深入分析亞洲債券市場(chǎng)在發(fā)展過程中存在的問題和困難，并針對(duì)這些問題給出明確的對(duì)策建議，從而進(jìn)一步推動(dòng)亞洲金融合作，促進(jìn)亞洲經(jīng)濟(jì)發(fā)展。 本文在現(xiàn)有研究的基礎(chǔ)上，重新界定了亞洲債券市場(chǎng)的概念，認(rèn)為其是基于“10+3”框架下的債券市場(chǎng)。亞洲債券市場(chǎng)不僅有優(yōu)化資源配置、促進(jìn)金融合作等重要意義，其發(fā)展還具備充分的理論依據(jù)和基礎(chǔ)，包括債券市場(chǎng)功能理論、債券市場(chǎng)規(guī)模理論、“雙重錯(cuò)配”理論、歐元區(qū)債券市場(chǎng)成功論等，因此，亞洲債券市場(chǎng)的建立和發(fā)展是時(shí)代的產(chǎn)物和現(xiàn)實(shí)的需求。但是，亞洲債券市場(chǎng)在貨幣互換、亞洲債券基金和基礎(chǔ)設(shè)施建設(shè)等方面取得的成績(jī)并沒有轉(zhuǎn)化成該市場(chǎng)發(fā)展的內(nèi)在推動(dòng)力，，其問題主要表現(xiàn)在亞洲地區(qū)國別差異較大、基礎(chǔ)設(shè)施不健全、亞洲債券缺乏合理的計(jì)值貨幣三個(gè)方面，其中最后一個(gè)方面的問題是最重要也是最主要的問題。 針對(duì)其中最主要的問題——計(jì)值貨幣的選擇問題，文章進(jìn)行了一定的實(shí)證研究。在眾多選擇方案中，先采用定性分析的方法通過比較美元、日元、人民幣及一籃子貨幣計(jì)值等方案，最終確定計(jì)值貨幣的最佳方案，即以一籃子貨幣計(jì)值；然后進(jìn)行定量分析，在比較歐洲貨幣單位的組成公式及IMF的份額分配公式之后認(rèn)為IMF的份額分配公式更適合被借鑒用于亞洲債券計(jì)值貨幣籃子的組成公式，文章通過該公式量化了該貨幣籃子的具體構(gòu)成，求得10+3各國貨幣在貨幣籃子中所占的比率；最后根據(jù)這個(gè)比率分配結(jié)果確定了籃子貨幣對(duì)各國貨幣的初始轉(zhuǎn)換比率。另外，針對(duì)亞洲債券市場(chǎng)發(fā)展中其他幾個(gè)方面的問題，本文認(rèn)為應(yīng)當(dāng)首先發(fā)展各國國內(nèi)債券市場(chǎng)，然后逐漸改善金融結(jié)構(gòu)、協(xié)調(diào)經(jīng)濟(jì)政策、發(fā)行國際債券，從而推動(dòng)一籃子貨幣計(jì)值方案的實(shí)施；并且需要建立完整的信息披露制度和完善的法律保障制度，逐步整合基礎(chǔ)設(shè)施，統(tǒng)一會(huì)計(jì)標(biāo)準(zhǔn)。 本文試圖深入探討以下兩個(gè)方面并嘗試著有所突破：第一，由于現(xiàn)有文獻(xiàn)在研究時(shí)對(duì)亞洲債券市場(chǎng)的地域概念相對(duì)模糊，本文針對(duì)這一現(xiàn)象對(duì)亞洲債券市場(chǎng)的概念從地域上作了重新界定。第二，在對(duì)亞洲債券一籃子貨幣計(jì)值進(jìn)行定量分析時(shí)，對(duì)所采納的公式的初始權(quán)重分配進(jìn)行了修正，結(jié)果發(fā)現(xiàn)修正后的公式更適合于亞洲地區(qū)的實(shí)際情況；根據(jù)該公式的計(jì)算結(jié)果，文章又進(jìn)一步細(xì)化了籃子貨幣對(duì)各國貨幣初始匯率轉(zhuǎn)換的辦法。
[Abstract]:In the world of economic globalization and regional economic integration under the background of regional financial cooperation process is accelerated, the Asian bond market as the region most likely made substantial progress in the short term financial cooperation projects, has been the focus in the world, and has made certain achievements in the related fields. But these achievements or be on the shelf, or in short is not stagnant, and promote the rapid development of the Asian bond market. This paper attempts to analyze the Asian bond market in the development process of the existing problems and difficulties on the basis of previous studies, countermeasures and suggestions to solve these problems are clear, so as to further promote the Asian financial cooperation, promote the economic development of Asia.
In this paper, on the basis of existing research, redefines the concept of Asian bond market, which is based on the "10+3" under the framework of the bond market. The Asian bond market not only has important significance to optimize the allocation of resources, promote financial cooperation, its development also has sufficient theoretical basis and basic theory, including the function of bond market. The bond market scale theory, "double mismatch" theory, the euro bond market success theory, therefore, the establishment and development of the Asian bond market is the product of the times and the needs of the reality. However, the Asian bond market in currency swaps, made the Asian Bond Fund and infrastructure construction achievements did not translate into the internal driving force for the development of the market, the main problem of the country in the Asian region is different, the infrastructure is not perfect, the lack of a reasonable value of Asian Bond three currency, one of the most The latter question is the most important and the most important.
In value choosing monetary problems one of the most important, the paper did some empirical research. Among the many options, first using the method of qualitative analysis by comparing the dollar, yen, RMB and a basket of currency value scheme, ultimately determine the best solution value of currency, with a basket of currencies value; and then the quantitative analysis, after the quota formula composition formula is the European currency unit and IMF that the quota formula of IMF is more suitable for being used in Asian Bond denominated currency basket composition formula, through the formula to quantify the specific composition of the basket, the ratio of 10+3 is obtained for the currency in the basket of currencies; finally, according to the ratio of the basket of currencies to initial currency conversion ratio. In addition, the Asian bond market development Other aspects of the problem, this paper thinks that we should develop domestic bond market first, then gradually improve the financial structure, economic policy coordination, the issue of international bonds, thus promoting a basket currency scheme; and the need to establish a complete information disclosure system and perfect the legal safeguard system, the gradual integration of infrastructure, unified accounting standard.
This article tries to discuss the following two aspects and tries to breakthrough: first, because of the existing literature in the study of the geographical concept of the Asian bond market is relatively vague, according to the concept of this phenomenon to the Asian bond market from the region were redefined. In second, the Asian bond to a basket of currency value quantitatively during the analysis, the initial weight distribution of adopted formula was modified, the results found that the actual situation the modified formula is more suitable for the Asian region; according to the calculation results of the formula, the article also further refine the approach of monetary currency basket initial exchange rate conversion.

【學(xué)位授予單位】：云南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F831.51;F833

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 闕澄宇;馬斌;;后危機(jī)時(shí)代中國—東盟區(qū)域貨幣合作的路徑選擇[J];財(cái)經(jīng)問題研究;2012年01期

2 趙錫軍;劉炳輝;李悅;;亞洲統(tǒng)一債券市場(chǎng)的進(jìn)程、挑戰(zhàn)與推進(jìn)策略研究[J];財(cái)貿(mào)經(jīng)濟(jì);2006年05期

3 劉曙光;發(fā)展亞洲債券市場(chǎng) 促進(jìn)東亞投資合作[J];國際經(jīng)濟(jì)合作;2005年10期

4 何帆,張斌,張明;對(duì)《清邁協(xié)議》的評(píng)估及改革建議[J];國際金融研究;2005年07期

5 黃梅波;熊愛宗;;從投資者角度看東亞區(qū)域債券市場(chǎng)發(fā)展的可行性[J];國際金融研究;2008年10期

6 施建淮;東亞金融貨幣合作:短期、中期和長期[J];國際經(jīng)濟(jì)評(píng)論;2004年05期

7 李曉;;東亞貨幣合作為何遭遇挫折?——兼論人民幣國際化及其對(duì)未來東亞貨幣合作的影響[J];國際經(jīng)濟(jì)評(píng)論;2011年01期

8 高海紅;;人民幣成為區(qū)域貨幣的潛力[J];國際經(jīng)濟(jì)評(píng)論;2011年02期

9 余文建;陸峰;王海全;畢家新;;中國-東盟區(qū)域金融市場(chǎng)合作研究[J];區(qū)域金融研究;2009年07期

10 周元元;;中國—東盟區(qū)域貨幣合作與人民幣區(qū)域化研究[J];金融研究;2008年05期

本文編號(hào)：1374198