日元国际化影响因素研究及其对人民币国际化的启示  

A Study on the Influencing Factors of Yen's Internationalization and its Inspiration to RMB's Internationalization

作　　者：肖鹞飞[1] 曾鹏 XIAO Yaofei;ZENG Peng(Guangdong University of Foreign Studies, Guangzhou,Guangdong 510006,China)

机构地区：[1]广东外语外贸大学,广东广州510006

出　　处：《金融教育研究》2018年第3期3-11,共9页Research of Finance and Education

基　　金：国家社科基金重大项目"‘一带一路'战略与中国参与全球经济治理问题研究"(15ZDA018)

摘　　要：货币国际化是一国货币在国际经济活动中发挥计价、结算、交易、储备货币职能的过程。随着人民币纳入国际货币基金组织特别提款权(SDR)货币篮子,进一步推进人民币国际化无疑具有重要的意义。文章综合各种因素,选取在国际化过程中与中国各方面因素都较为相似的日本作为研究对象,运用理论分析与实证检验的方法,从经济规模、贸易规模、日元的汇率水平、在位主导国际货币美元的粘滞作用等因素,利用1976-2014年的年度数据,采用向量误差修正模型(VECM)检验了日元的国际化水平与其影响因素之间的相互关系。结果表明,日本的经济规模、贸易规模、日元的汇率水平与日元国际化呈正相关关系,在位国际主导货币美元的粘滞作用与日元国际化呈负相关关系。由此,从日元国际化的经验教训中得到对人民币国际化的启示:要继续促进国民经济与对外贸易的健康发展,保持人民币汇率的基本稳定和长期升值趋势,完善国内金融体系以及稳步推进金融市场对外开放,克服美元所具有的国际主导地位对人民币国际化的挤压。Currency internationalization is a process which a country＇s currency plays the role of pricing,settlement,transaction and reserve currency in international economic activity. As the RMB becomes the currency basket of the IMF ＇s Special drawing Rights（ SDR）,further promoting the internationalization of RMB is undoubtedly of great significance. This paper synthesizes all kinds of factors and chooses Japan,which is similar to all aspects of China in the process of internationalization,as the research subject. By using theoretical analysis and empirical test method; from the economic scale,the scale of trade,the exchange rate level of the yen,the stiction of the dominant international currency dollar and other factors; by the annual data from 1976 to 2014; it uses the vector error correction model（ VECM） to test the correlation between the internationalization level of yen and its influencing factors.The results show that the economic scale,the scale of trade,the level of exchange rate of Yen are positively correlated with the internationalization of Yen; and the dollar,the dominant international currency,is negatively related to the internationalization of Japanese yen. Thus,from the experience of the internationalization of the yen,we get the enlightenment to the internationalization of the RMB： continue to promote the healthy development of the national economy and foreign trade,keep the RMB exchange rate basically stable and long-term appreciation trend,improve the domestic financial system and steadily push forward the financial market opening to the world,overcome the squeeze of US dollar to the internationalization of RMB.

关 键 词：日元国际化 人民币国际化 离岸金融市场 一带一路 

分 类 号：F822[经济管理—财政学]