摘要
从居民扩大人民币持有动机出发,审视推进人民币区域化的微观行为基础。首先构建基于货币替代条件的微观主体货币选择模型,再以香港为样本实证检验人民币区域化的影响机制。结果表明:预期汇率变动对人民币区域化的冲击短期且剧烈;即期汇率对人民币区域化的冲击具有长期性和稳定性;当地非货币资产收益水平对人民币区域化存在滞后的负面影响。推进汇率市场化改革,丰富境外人民币金融产品,加强人民币离岸金融中心建设是夯实人民币区域化微观基础的有效途径。
This paper examined micro factors of RMB regionalization from the perspective of analyzing why foreign residents choose more RMB in their assets. We first constructed a micro subject currency choose model based on currency substitution condition. Then we choose Hong Kong as sample to empirical test the influence mechanism of RMB regionalization. The results show that, the impact of expected exchange rate change is short and drastic, the impact of spot exchange rate is persistent and stable, the return of local non - monetary assets has lagged negative impact. Promoting marketizafion reform of exchange rate, enriching offshore RMB financial prod- ucts, strengthening the construction of offshore financial center, would be effective ways to strengthen RMB regionalization. c foundation of
出处
《湘潭大学学报（哲学社会科学版）》
CSSCI
北大核心
2014年第2期60-64,共5页
Journal of Xiangtan University:Philosophy And Social Sciences
基金
教育部博士点基金"国际金融危机与中国的金融安全管理研究"(项目编号:20090161110029)
关键词
人民币区域化
居民货币选择
货币替代
RMB regionalization
resident currency selection
currency substitution
