货币国际化与债券市场发展关系的实证分析

摘要笔者认为：美国、欧元区和日本债券市场的发展与美元、欧元和日元的国际化存在着稳定的协整关系，欧元国际债券市场的发展可以有效地提升欧元的国际化程度，而欧元的国际化程度也显著地提升了其区域内债券市场的发展；而美元、日元与其债券市场发展的关系却并不明显。进而认为中国需要优先发展人民币的离岸金融市场，在离岸金融市场中积极推进人民币国际债券市场的建设，这样，可以带来人民币汇率的稳定态势，促进中国国内债券市场的健康发展，以达到人民币成为国际经济往来中投资货币的目的。

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	杨荣海

关键词：货币国际化国内债券市场离岸债券市场协整关系

Abstract： The author holds that there is a stable co-integration relationship between the development of the bond markets of the United States, the euro zone and Japan and the internationalization of the bond markets of the United States, the euro zone and Japan. The growth of euro international bond market can effectively enhance the internationalization level of euro. And the internationalization of the euro has significantly improved the extent of its regional bond market development. But this joint effect between the dollar, the yen and their bond market is not obvious. As for promoting the mechanism for the internationalization of RMB, the author believes China needs to give priority to developing offshore financial markets. Through the development of offshore financial markets, RMB international bond market will be actively promoted. In this way, the exchange rate of RMB will be stable and it will promote the healthy development of China’s domestic bond market, and finally achieve the aim of RMB being an investing currency in international economic intercourse

Keywords： currency internationalization domestic bond market offshore financial market co-integration relationship

收稿日期 2011-02-18; 接受日期 2011-10-30;

基金资助:

上海财经大学研究生科研创新基金(CXJJ-2010-320)

作者简介: 杨荣海(1979-)，男，云南昆明人，上海财经大学国际工商管理学院博士研究生，昆明学院经济系讲师,主要从事国际金融的研究。

引用本文:

杨荣海.货币国际化与债券市场发展关系的实证分析[J]. 经济经纬, 2011,4: 155-160

YANG Rong-hai.An Empirical Analysis of the Relationship between Currency Internationalization and Bond Market Development[J] Economic Survey, 2011,V28(4): 155-160

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2011/V28/I4/155