人民幣國(guó)際化問題的實(shí)證研究
本文選題:人民幣 + 國(guó)際化 ; 參考:《廈門大學(xué)》2014年碩士論文
【摘要】:自2008年的金融危機(jī)之后,中國(guó)經(jīng)濟(jì)的世界影響力迅速提高。作為世界第二大經(jīng)濟(jì)體,中國(guó)經(jīng)濟(jì)已經(jīng)具有舉足輕重的地位。然而,經(jīng)濟(jì)大國(guó)并沒有帶來貨幣大國(guó)的地位,人民幣的國(guó)際化程度遠(yuǎn)遠(yuǎn)落后于中國(guó)經(jīng)濟(jì)的世界地位,因此加速人民幣國(guó)際化進(jìn)程、提升人民幣在世界范圍的影響力的呼聲越來越高。不少學(xué)者對(duì)人民幣國(guó)際化問題進(jìn)行了研究,包括人民幣國(guó)際化的必要條件、人民幣國(guó)際化帶來的收益和成本、人民幣國(guó)際化的風(fēng)險(xiǎn)防范等。然而,大多數(shù)的研究都局限于定性研究。 本文旨在對(duì)人民幣國(guó)際化問題進(jìn)行定量研究,彌補(bǔ)以往的研究在實(shí)證方面的不足。首先,本文梳理了國(guó)內(nèi)外對(duì)貨幣國(guó)際化以及人民幣國(guó)際化的研究成果,定性分析了貨幣國(guó)際化的條件以及相關(guān)理論,并就人民幣國(guó)際化已經(jīng)具備的條件進(jìn)行定性分析。然后,本文從兩個(gè)角度進(jìn)行實(shí)證研究。第一個(gè)是判斷人民幣國(guó)際化的時(shí)機(jī)是否已經(jīng)成熟。本文以美元、日元、英鎊以及歐元這四種國(guó)際化程度最高的貨幣為樣本,建立面板數(shù)據(jù)模型,定量分析貨幣國(guó)際化程度的影響因素及其影響程度。隨后,將人民幣的相關(guān)數(shù)據(jù)代入該模型,估計(jì)出人民幣的理論國(guó)際化水平,并對(duì)比人民幣的實(shí)際國(guó)際化水平,判斷人民幣國(guó)際化的時(shí)機(jī)是否已經(jīng)成熟。研究發(fā)現(xiàn),人民幣理論上可以達(dá)到的國(guó)際化水平遠(yuǎn)遠(yuǎn)超過了人民幣實(shí)際的國(guó)際化水平,因此大力推進(jìn)人民幣國(guó)際化的時(shí)機(jī)已經(jīng)成熟。第二個(gè)角度是判斷人民幣是否應(yīng)該進(jìn)行國(guó)際化。本文分析了人民幣國(guó)際化帶來的收益和成本,對(duì)可計(jì)量的部分進(jìn)行定量計(jì)算,通過權(quán)衡收益和成本,回答了這個(gè)問題。研究發(fā)現(xiàn),人民幣國(guó)際化帶來的收益遠(yuǎn)遠(yuǎn)超過其風(fēng)險(xiǎn)和成本,為了獲得可觀的收益,應(yīng)該推進(jìn)人民幣國(guó)際化。最后,本文根據(jù)實(shí)證研究結(jié)果提出一系列的建議。 本文的創(chuàng)新之處在于,一是通過構(gòu)建面板數(shù)據(jù)模型,從定量的角度判斷人民幣國(guó)際化的時(shí)機(jī)是否已經(jīng)成熟;二是定量計(jì)算了人民幣國(guó)際化的可計(jì)量收益,更好地衡量了人民幣國(guó)際化的收益,為人民幣是否應(yīng)該進(jìn)行國(guó)際化提供實(shí)證支撐。
[Abstract]:Since the 2008 financial crisis, China's economic impact on the world has rapidly increased. As the world's second largest economy, China's economy has a pivotal position. However, economic powers do not bring about the status of currency powers, and the degree of internationalization of the renminbi lags far behind that of the world status of China's economy, thus speeding up the process of RMB internationalization. There is a growing clamour to raise the yuan's influence around the world. Many scholars have studied the issue of RMB internationalization, including the necessary conditions of RMB internationalization, the benefits and costs brought by RMB internationalization, the risk prevention of RMB internationalization, and so on. However, most studies are limited to qualitative research. The purpose of this paper is to carry out quantitative research on RMB internationalization to make up for the deficiency in empirical research. First of all, this paper combs the domestic and foreign research results of currency internationalization and RMB internationalization, qualitatively analyzes the conditions and relevant theories of currency internationalization, and carries on qualitative analysis on the conditions that RMB internationalization already has. Then, this article carries on the empirical research from two angles. The first is to judge whether the time is ripe for RMB internationalization. Based on the four most internationalized currencies, dollar, yen, sterling and euro, this paper establishes a panel data model to quantitatively analyze the factors affecting the degree of currency internationalization and the degree of its influence. Then the relevant data of RMB are added to the model to estimate the theoretical internationalization level of RMB and compare the actual internationalization level of RMB to judge whether the time is ripe for RMB internationalization. The study found that the internationalization level of RMB can be reached in theory far more than the actual level of internationalization of RMB, so the time is ripe to vigorously promote the internationalization of RMB. The second angle is to judge whether the RMB should be internationalized. This paper analyzes the benefits and costs brought about by RMB internationalization, calculates quantitatively the quantifiable part, and answers this question by weighing the benefits and costs. The study found that the benefits of RMB internationalization far outweigh its risks and costs. In order to achieve significant benefits, RMB internationalization should be promoted. Finally, this paper puts forward a series of suggestions according to the results of empirical research. The innovation of this paper is that, first, by building panel data model, judging whether the time is ripe for RMB internationalization from the quantitative point of view; second, quantitatively calculating the quantifiable income of RMB internationalization. Better measure the benefits of RMB internationalization, and provide empirical support for RMB internationalization.
【學(xué)位授予單位】:廈門大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2014
【分類號(hào)】:F832.6
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