香港人民币离岸市场对内地货币供应量的影响——基于状态空间模型的时变参数分析

Analysis on the Influence of Hong Kong's RMB Offshore Market on Money Supply in Mainland——Time-Varying Parameters Analysis Based on State Space Model

人民币离岸市场对在岸市场的影响值得关注。本文运用状态空间模型,估算了当前香港人民币离岸市场对内地货币供应量的影响,并提出了相应的政策建议。

With the development of RMB internationalization, we should pay more attention to the influence of RMB offshore market on mainland financial market. In this paper, by using state space model, we analyze the influence of Hong Kong＇s RMB offshore market on money supply in mainland at the present stage. At the end of the paper, we provide some policy advices about risk prevention.