国际债券发行货币币种份额影响因素实证研究:对人民币国际化的启示  

Empirical Study on the Factors Influencing the Currency Shares of International Bond Issuance: Implications to RMB Internationalization

作　　者：项卫星[1] 钟红[2] 李宏瑾[3] 

机构地区：[1]吉林大学经济学院 [2]中国银行国际金融研究所 [3]中国人民银行研究局

出　　处：《世界经济研究》2017年第9期3-12,共10页World Economy Studies

摘　　要：文章从货币功能的角度出发,利用1999~2015年国际债券发行总额流量数据,对影响国际债券币种结构的因素进行了实证研究。结果表明,惯性效应、网络效应和外部币值稳定性对国际债券发行货币币种结构具有显著影响,这体现了货币的支付媒介功能和价值储藏功能对一国货币的国际化进程具有非常重要的作用。2008年全球金融危机对国际债券发行币种构成产生了重要影响:惯性效应消失,网络效应的作用也明显下降,但币值稳定性的作用始终显著。目前,人民币在价值储藏这一国际货币功能方面的欠缺制约了人民币国际化进程。文章建议应进一步放开外汇市场准入和产品交易限制,加快人民币汇率形成机制的改革,以市场供求的力量为人民币汇率提供坚实可靠的支撑,以此促进人民币在国际金融交易和投资中发挥更大的作用。In the perspective of currency function,this paper empirically investigates the influencing factors of the currency structure of international bond with the data from 1999 to 2015.According to the results,inertia effect,network effect and currency stability have significant impacts on currency structure of issuing international bond,which means that the functions of payment,settlement,and the store of value have significant impacts on the internationalization of local currency.After the 2008 global financial crisis,inertia effect was gone due to the financial shock and network effect was also lessoned to a great extent,while the impact of currency stability is even significant.Currently,RMB internationalization is constrained by RMB's under-developed function of the store of value.As a result,restrictions to foreign exchange transactions should be removed and the reform of RMB exchange rate system should also be accelerated,so as to support RMB exchange rate on the basis of market forces and strengthen the role of RMB in international financial investments.

关 键 词：国际债券 国际货币 币种构成 人民币国际化 

分 类 号：F832.6[经济管理—金融学]