【摘要】：本文首先從離岸金融市場的特征、運行機(jī)理和功能這三個角度，對離岸金融市場的發(fā)展對貨幣國際化的影響進(jìn)行了理論分析。然后分別對美元、英鎊、歐元、日元國際化進(jìn)程進(jìn)行了梳理，借鑒主要國際貨幣離岸金融市場發(fā)展對貨幣國際化影響的經(jīng)驗教訓(xùn)。最后選取相關(guān)指標(biāo)建立模型，對離岸金融市場的發(fā)展對貨幣國際化的影響進(jìn)行實證分析。根據(jù)理論、實例、實證分析結(jié)果，結(jié)合人民幣國際化進(jìn)程中遇到的阻礙，對推進(jìn)人民幣國際化進(jìn)程提出切實可行的建議。 通過美元、歐元、英鎊和日元國際化可以發(fā)現(xiàn)，每一種貨幣都是在一定的歷史契機(jī)下開啟貨幣國際化的道路。美元離岸金融市場的發(fā)展確保了美元國際貨幣地位的長期穩(wěn)固；日元離岸金融市場發(fā)展之初，促進(jìn)了日元國際化的進(jìn)程，但后期離岸金融市場的純雙向交易阻礙了日元國際化進(jìn)程；英國對英鎊離岸市場發(fā)展的限制，是英鎊后期衰落的一個重要因素；馬克國際貨幣地位的延續(xù)是歐元成為國際貨幣地位的重要因素，馬克離岸市場的發(fā)展是歐元國際化的基石，如今歐元國際貨幣地位離不開離岸金融市場的發(fā)展。 實證分析結(jié)果顯示離岸金融市場的發(fā)展、經(jīng)濟(jì)實力的增強(qiáng)、對外開放的加大均可以顯著正向的推進(jìn)貨幣國際化進(jìn)程。國際金融危機(jī)為人民幣國際化提供了機(jī)遇，，目前我國已具備貨幣國際化的一些必要條件，但經(jīng)濟(jì)增長下行壓力大、金融市場不夠完善、人民幣資本項目管制嚴(yán)格等成為人民幣國際化的阻礙。借鑒國際經(jīng)驗，我國應(yīng)抓住契機(jī)，大力發(fā)展人民幣離岸金融市場，深化國內(nèi)各項改革確保經(jīng)濟(jì)平穩(wěn)增長，放寬人民幣資本項目管制和完善我國金融市場來推進(jìn)人民幣國際化進(jìn)程，使人民幣成為主要國際貨幣。
[Abstract]:In this paper, the influence of the development of offshore financial market on the currency internationalization is analyzed theoretically from the three angles of the characteristics, operation mechanism and function of the offshore financial market. Then it combs the internationalization process of dollar, pound, euro and yen, and draws lessons from the influence of the development of offshore financial market on currency internationalization. At last, we choose the relevant indexes to establish the model, and analyze the influence of the offshore financial market development on the currency internationalization. According to the theory, examples, empirical analysis results, combined with the obstacles encountered in the process of RMB internationalization, practical suggestions are put forward to promote the process of RMB internationalization. Through the internationalization of the dollar, euro, sterling and yen, it can be found that each currency is opening the way of currency internationalization at a certain historical opportunity. The development of US dollar offshore financial market ensures the long-term stability of US dollar's international currency status. At the beginning of the development of Japanese yen offshore financial market, it promoted the process of yen internationalization, but in the latter stage, the pure two-way transaction of offshore financial market hindered the process of yen internationalization. British restrictions on the development of the offshore market of sterling are an important factor in the decline of the pound; The continuation of Mark's international monetary status is an important factor for the euro to become the international monetary status. The development of the Mark's offshore market is the cornerstone of the euro's internationalization. Nowadays, the euro's international monetary status is inseparable from the development of the offshore financial market. The empirical results show that the development of offshore financial market, the enhancement of economic strength and the increase of opening to the outside world can significantly promote the process of currency internationalization. The international financial crisis has provided an opportunity for the internationalization of the RMB. At present, China already has some necessary conditions for the internationalization of the currency, but the downward pressure on economic growth is great, and the financial market is not perfect enough. Strict control of RMB capital account has become a hindrance to the internationalization of RMB. Drawing lessons from international experience, China should seize the opportunity to vigorously develop the offshore financial market of RMB, deepen various domestic reforms to ensure steady economic growth. Relax the control of RMB capital account and perfect our financial market to promote the internationalization of RMB and make RMB become the main international currency.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.6

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