摘要
离岸金融市场受益于税收优惠及高度自由化的政策环境,近年来规模不断扩大,在国际金融市场上的重要性逐步提升。与此同时,离岸市场资金短借长贷的特点也使得国际金融市场变得更加脆弱。本文利用亚洲美元市场数据,运用计量模型就离岸市场对货币主权国金融市场的冲击进行了实证分析。研究表明,在离岸金融市场繁荣发展阶段,离岸市场的波动对货币主权国的冲击影响比较大,此阶段应是监管部门风险调控的关键时期。
Benefiting from tax incentives,offshore financial markets have been expanding in recent years.At the same time,offshore funds also make international financial markets more vulnerable.Using Asian dollar market data and M2 data of USA,we analyze the impact of offshore market on financial market of sovereign state.The results show that,in the prosperous stage of offshore financial market,the offshore market impact on sovereign states is relatively large.
出处
《区域金融研究》
2011年第3期45-48,共4页
Journal of Regional Financial Research
关键词
离岸市场
货币主权国
波动
冲击
Offshore Market
Currency Sovereign
Fluctuation
Impact
