基于货币国际化视角的国际债券市场研究文献综述

Literature Review on International Bond Market——from the Perspective of Currency Internationalization

20世纪60年代至80年代,随着欧洲美元债券市场和外国债券市场的发展,出现了大量关于国际债券市场的研究文献。其中,部分文献涉及欧洲美元债券市场对美元国际化影响的研究,为我们认识国际债券市场发展与货币国际化之间的关系提供了文献基础。20世纪90年代后期,由于亚洲金融危机的爆发,对国际债券市场的研究逐渐转向亚洲债券市场发展问题。2008年全球金融危机后,国际货币体系改革呼声提高,人民币国际化持续推进。在对人民币国际化职能演进的相关研究中,也出现了一些关于人民币国际债券市场对人民币国际化影响的研究。本文按照相关研究的历史发展脉络,以国际债券市场发展对货币国际化的影响为逻辑主线,从国际债券市场发展与货币国际化的关系、亚洲债券市场发展与亚洲货币金融合作、人民币国际债券市场发展与人民币国际化等三个方面,对相关文献进行系统梳理和综述。本文认为,发展人民币国际债券市场能够在资本与金融账户项下提供更加顺畅的人民币流出通道和回流通道,将有助于为人民币国际化奠定更加坚实持久的基础。

Between the 1960s and the 1980s, with the development of the Euro-dollar as well as other foreign bond markets, there emerged a great number of researches on related subjects. Some of them focused on the impact of Euro-dollar bond market on US dollar internationalization, providing us with the literature basis to understand the relation between the development of international bond market and currency internationalization. In the late 1990s, due to the outbreak of the Asian financial crisis, focuses of many researches on international bond market shifted gradually to the development of Asian bond market. Moreover, after the global financial crisis in 2008, the call for a reform in international monetary system became stronger, and the internationalization of RMB continued to progress. Among researches on the functions evolution of the RMB internationalization, there are also some studies concentrating on the impact of RMB international bond market on RMB inter- nationalization. This paper reviews the historical development of the field of research, concentrating on the impact of interna- tional bond markets on currency internationalization, so as to summarize related literature into three aspects： the relation be- tween the development of international bond market and currency internationalization, the development of Asian bond market and Asian financial cooperation, and the development of the RMB international bond market as well as the internationalization of RMB. This paper believes that the development of the RMB international bond market can provide smoother channels of RMB outflows and returns under the capital and financial accounts, which will help to lay a more solid and lasting foundation for RMB internationalization.