欧元与国际资本市场结构

Euro and the Structure of International Capital Market

欧元出台以来 ,国际资本市场低速增长 ,直接融资条件不断恶化 ,各类债务工具在国际资本中的比重上升 ,国际资本流动的区域结构出现重大调整。国际资本市场结构变化直接影响国际金融市场价格形成机制 ,导致汇率波动幅度加大 ,汇率与资本市场表现的相关程度上升。在欧元汇率的影响因素中 ,国际资本流动居主导地位 ,尤其是跨大西洋国际购并通过影响外汇市场供求、左右投资者预期回报等渠道影响欧元汇率走势。 2 0 0 2年 ,随着欧元现钞进入流通 ,其他一些汇率决定因素相继出现变化 ,欧元开始启动价值回归进程 ,其国际货币职能呈增强趋势。

The forming and fluctuation of exchange rate are greatly affected by the transforming of the structure of international capital market. The structure transformation of international capital market directly affects the price forming mechanism of international financing market, increases the fluctuation of exchange rate and has exchange rate more closely related to the capital market. Among the elements affecting the exchange rate of Euro, international capital flow is a dominant one, especially the transatlantic international merge by various kinds of channels. When Euro started to circulate in 2002, other elements influencing exchange rate began to transform too, and the function of Euro as an international currency began to strengthen.