论本币计价国际债券市场发展的影响因素——基于国别以及分部门视角的实证研究

Impact Factors of the Development of International Bond Market in Local Currency——An Empirical Research from National and Sectional Perspectives

近年来,人民币国际化进程面临一个重要瓶颈,即如何在国际金融交易中提高人民币的使用。发展人民币国际债券市场是完善人民币环流机制,从而提高人民币在国际金融交易中使用比例的重要途径。在此背景下,本文分别从国别视角(即发达国家和发展中国家)以及分部门视角(即政府部门、金融机构以及非金融企业),对惯性效应、网络效应、币值稳定性以及金融结构因素对本币国际债券市场发展的影响进行了实证研究。本文认为,应当加快在岸和离岸外汇市场建设,提高外汇市场的深度和广度;探索在宏观经济“新常态”下维持人民币汇率稳定的市场化机制,提高各部门微观主体使用人民币开展国际金融交易的积极性,从而推动人民币国际化向更高层次迈进。

In recent years,the internationalization of RMB is facing an important bottleneck,which is to promote the use of RMB in international financial transactions.The development of RMB international bond market is significant for the circulation mechanism of RMB,which is a vital way to promote RMB internationalization in international financial transactions.This paper empirically investigates the impact of the inertia effect,network effect,and financial structure on the development of international bond market in local currency from both national and sectional perspectives.It is highly recommended that onshore and offshore foreign exchange market should be developed fast enough so as to improve the depth and breadth of the market.Furthermore,stabilization mechanism of RMB exchange rate under the"new normal"of Chinese economy should also be explored in order to strengthen the attractiveness of RMB and push forward the RMB internationalization process to a new stage.