摘要
基于东亚新兴市场9个经济体1997—2017年的面板数据,实证分析亚洲本币债券市场发展、政府本币债券二级市场流动性的影响因素,结果表明:第一,经济发展程度越高、金融机构发展越好的经济体,本币债券市场越发达,银行信贷业务发展对本币债券市场影响体现为挤出效应,通货膨胀影响不确定,汇率变动、金融开放及制度质量对政府本币债券市场和公司本币债券市场影响存在差异,基础设施建设需求是本币债券市场发展的重要动因;第二,经济规模越大、经济发展程度越高、通货膨胀越低、金融体系越发达、制度质量越高、外国参与者比例越高的经济体,其政府本币债券二级市场流动性越高,全球金融危机冲击有利于提升政府本币债券二级市场的流动性。
The paper empirically investigates the determinants of local currency bond markets development and government bond secondary market liquidity for a sample of 9 East Asian economies over the period 1997 – 2017.Regressions also examine determinants of the government bond and corporate bond markets development. The results suggest that the economic development, financial institutions development are positively related to the local currency bond markets development, while bank credit development are negatively associated with the development of local currency bond markets. The impact of exchange rate changes,financial openness,institutional quality on the government local currency bond market and corporate local currency bond market are different.The infrastructure construction demand is also an important driver for the development of local currency bond markets. The economy with amore liquid government bond secondary market usually have more developed economy and financial system, lower inflation, better institutional quality, more foreign participants. The global financial crisis is positively related to the secondary market liquidity.
出处
《亚太经济》
CSSCI
北大核心
2020年第6期22-31,146,147,共12页
Asia-Pacific Economic Review
基金
华侨大学海上丝绸之路研究基金项目“中国——东盟自贸区(CAFTA)框架下人民币区域化研究”(HSYB2014-02)。
