人民币国际化对中国金融风险的影响  

The Impact of RMB Internationalization on China’s Financial Risks

作　　者：马德功[1] 罗雨柯 张洋 MA De-gong;LUO Yu-ke;ZHANG Yang

机构地区：[1]四川大学经济学院,成都610065 [2]四川农业大学经济学院

出　　处：《金融论坛》2020年第3期7-17,47,共12页Finance Forum

基　　金：国家社科基金项目“数字金融支持中小民营企业融资生态链研究”(19BJL075)。

摘　　要：本文运用VAR模型实证分析人民币国际化对中国金融风险的影响,结果表明,总体上人民币国际化过程中的货币交易媒介职能会促进中国金融风险的增长,人民币计价单位职能则使金融风险能得到一定抑制,而人民币价值储藏职能会降低中国金融风险。因此,中国应进一步推进人民币对外直接投资,加大人民币债券发行规模,稳步、有序推进资本账户和金融的对外开放,同时进一步完善汇率形成机制和外汇管理政策,构建货币政策与宏观审慎政策双支柱的调控框架,增强对金融风险的预警功能和干预职能。The authors of this paper use the VAR model to empirically analyze the impact of RMB internationalization on China’s financial risks. The results of the paper show that, generally in RMB internationalization, its function as a medium of exchange will increase China’s financial risks, while the function as a unit of account will restrain the financial risk to a certain extent, and the function as a store of value will reduce China’s financial risk. Therefore, China should further promote RMB direct foreign investment, increase the scale of RMB bond issuance, and promote the opening up of the capital and financial accounts steadily and orderly. At the same time, China should further improve the exchange rate formation mechanism and foreign exchange management policies, and build a dual-pillar regulatory framework of monetary policy and macro prudential policy to strengthen the early warning function and intervention function on financial risk.

关 键 词：人民币国际化 人民币职能 金融风险 宏观审慎 VAR模型 

分 类 号：F33[经济管理—产业经济]