人民币离岸市场与在岸市场联动性研究
关键词 人民币 在岸市场 离岸市场 联动性
毕业论文外文摘要
Title Research on the linkage between Onshore and Offshore RMB Markets
Abstract
Hong Kong is developing rapidly as a center of RMB market in recent years. And the interaction between onshore and offshore markets has been more frequent. The research on the linkage between RMB offshore market and onshore market has an important theoretical and practical significance for financial liberalization of the onshore market and development of offshore market. Firstly, this paper theoretically analyzes the general linkage between RMB onshore and offshore market, and found that the exchange rate linkage is most representative. Secondly, establishing the VAR model to do research about the correlation of RMB exchange rate between offshore and onshore. The empirical results show that the exchange rate linkage is significant, and the offshore market is in the leading position. Finally, on the basis of theoretical and empirical research conclusion, putting forward recommendations on the effect of RMB offshore and onshore market linkage from expanding the positive effects of exchange rate linkage perspective.
Keywords Renminbi Onshore Market Offshore Market Linkage
目 次
1 引言 1
1.1 研究背景及意义 1
1.1.1 研究背景 1
1.1.2 研究意义 1
1.2 研究思路及主要内容 2
2 相关概念及文献综述 4
2.1 相关基础概念 4
2.1.1 离岸市场与在岸市场概念 4
2.1.2 金融市场联动性的基本内涵 4
2.1.3 人民币离岸市场与人民币在岸市场联动性的内涵 5
2.2 文献综述 5
2.2.1 国内研究成果 6
2.2.2 国外研究成果 6
3 人民币在岸市场与离岸市场联动性的理论分析 8
3.1 人民币在岸市场与离岸市场联动性的一般表现 8
3.1.1 利率联动性 8
3.1.2 汇率联动性 8
3.1.3 金融创新上的联动性 9
3.2 人民币离岸市场与人民币在岸市场汇率联动性 10
3.2.1 人民币离岸市场与在岸市场汇率形成机制 10
3.2.2 人民币离岸市场与在岸市场汇率联动渠道 11
4 人民币离岸市场与在岸市场汇率联动性的实证分析 12
4.1 变量选取与数据来源 12
4.2 数据的统计性描述 12
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