An Empirical Analysis of the Relationship between Currency Internationalization and Bond Market Development
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An Empirical Analysis of the Relationship between Currency Internationalization and Bond Market Development
YANG Rong-hai
(1.School of International Business Administration, Shanghai University of Finance and Economics, Shanghai 200433, China|2. Department of Economics, Kunming University, Kunming 650214, China)
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
YANG Rong-Hai. An Empirical Analysis of the Relationship between Currency Internationalization and Bond Market Development. Economic Survey, 2011, 28(4): 0155.
2011, Vol. 28 
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