摘要
本文从国际货币功能的角度出发,借鉴外汇储备币种构成的相关研究方法,对本国居民以本币发行的国际债券占比的影响因素进行了跨国实证分析。研究表明,惯性效应和网络效应对本币发行的国际债券占比具有显著影响。全球金融危机对国际债券币种结构产生了重要影响,危机前后币值对外稳定性都具有显著影响。尽管惯性效应、网络效应以及币值稳定性在发达国家和发展中国家的显著性依次递减,但控制金融结构后各变量的结果仍较为显著且稳健。由此表明发展中国家并不必然受到货币错配"原罪"的困扰。目前,过于依赖贸易结算和离岸中心的人民币国际化模式制约了人民币价值储藏职能的发挥。应大力发展人民币国际债券市场以丰富人民币回流机制,促进人民币国际化水平的提高。
Developing countries are always facing the risk of currency mismatch in raising foreign debt.Due to the'original sin'of currency mismatch,developing countries couldn't draw back local currency by issuing international bonds denominated in its home currency.This paper makes an empirical study on the factors of international bond issuance by home currency with the perspective of the function of international currency.According to the results,inertia effect,network effect,and stability of exchange rate in both developed and developing countries are prominent in descending order.The prominence and robustness of the empirical results are unaffected after controlling the financial structure variables.Therefore,developing countries are not bound to suffer from the'original sin'of currency mismatch.Now the mode of RMB internationalization should be adjusted so as to emphasize the function of value sortation.The international bond market of RMB should be developed to enrich the mechanism of RMB international circulation,pushing RMB internationalization to a higher level.
出处
《金融评论》
CSSCI
北大核心
2017年第1期66-77,共12页
Chinese Review of Financial Studies
关键词
国际债券
国际货币
人民币国际化
International Bond
International Currency
RMB Internationalization
