离岸市场发展对货币计价职能影响的实证研究  

An Empirical Study of the Impact of Offshore Market Development on Currency Pricing Function

作　　者：巴曙松[1,2,3] 袁佳 BA Shu-song;YUAN Jia(Peking University HSBC Business School Shenzhen 518055, China;China Banking Association, Beijing 100033, China;Hong Kong Exchanges and Clearing Limited, Hong Kong 999077, China;;Agricultural Bank of China Tianjin Branch Tianjin 300000, China)

机构地区：[1]北京大学汇丰商学院,广东深圳518055 [2]中国银行业协会,北京100033 [3]香港交易所,香港999077 [4]中国农业银行天津市分行,天津300000

出　　处：《湖北经济学院学报》2018年第6期5-14,126,共11页Journal of Hubei University of Economics

摘　　要：本文从离岸市场的视角分析其对货币计价职能的作用机理,并选取1995—2016年美元、欧元、英镑、日元和人民币的数据,运用动态面板模型对计价货币币种结构的影响因素进行验证。结果表明,离岸市场发展、与交易支付职能密切相关的惯性效应、贸易规模、以汇率表示的货币外部币值稳定性而非内部币值稳定性等因素与计价货币币种结构密切相关。进一步分析"811"汇改后央行对香港离岸人民币的政策措施及离岸市场对在岸的影响渠道,可以发现目前人民币计价职能发展相对滞后,应当提升离岸金融市场建设水平,扩大外汇市场对内对外开放程度等,多举措促进人民币计价职能的深入。From the perspective of the offshore market,the article sorts out the mechanism of the offshore market's role in the cur?rency pricing function.The article selects the data of the US dollar,the euro,the British pound,the Japanese yen and the RMB in1995-2016,and uses the dynamic panel model to verify the influencing factors of the currency structure.The results show that the de?velopment of offshore market,the inertia effect closely related to the transaction payment function,the scale of trade,the stability of cur?rency external currency value expressed by exchange rate rather than the stability of internal currency value are closely related to the currency structure of the currency.The article further analyzes the policy measures of the central bank on Hong Kong offshore RMB af?ter the"811"exchange rate reform and the impact of the offshore market on the shore.The study found that the current development of the RMB pricing function is relatively lagging.It is necessary to improve the level of offshore financial market construction,expand the degree of opening and closing of the foreign exchange market,and more measures to promote the RMB pricing function.

关 键 词：离岸市场发展 货币计价 动态面板模型 

分 类 号：F832.6[经济管理—金融学]