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

【摘要】：貨幣國(guó)際化過(guò)程必然伴隨著離岸市場(chǎng)的高度發(fā)展,在人民幣國(guó)際化進(jìn)程中,香港離岸人民幣市場(chǎng)發(fā)揮著至關(guān)重要的作用;然而,由于我國(guó)資本項(xiàng)目未完全開(kāi)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(chǎng)反而成為投機(jī)資本的集聚地,從而對(duì)我國(guó)宏觀經(jīng)濟(jì)和金融秩序造成干擾。構(gòu)建涵蓋香港離岸人民幣市場(chǎng)發(fā)展、人民幣國(guó)際化程度、人民幣跨境交易、我國(guó)宏觀經(jīng)濟(jì)發(fā)展等在內(nèi)的指標(biāo)體系,運(yùn)用FAVAR模型實(shí)證研究香港離岸市場(chǎng)發(fā)展對(duì)我國(guó)宏觀經(jīng)濟(jì)的影響,并據(jù)此提出化解香港離岸人民幣市場(chǎng)發(fā)展負(fù)向影響、構(gòu)建上海自貿(mào)區(qū)離岸人民幣市場(chǎng)、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(jì)大學(xué)經(jīng)濟(jì)與管理學(xué)院;
【基金】：2017年度上海市教育委員會(huì)科研創(chuàng)新計(jì)劃人文社會(huì)科學(xué)重大項(xiàng)目“人民幣國(guó)際化進(jìn)程中的貨幣替代效應(yīng)與政策選擇研究”(項(xiàng)目號(hào):2017-01-07-00-07-E00045)
【分類(lèi)號(hào)】：F832.6
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本文編號(hào)：1954106