从日元国际化进程反思离岸金融中心建设
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摘要
从对外贸易中以日元作为结算货币的比重、国际外汇交易中日元作为交易货币的比重、日元在国际储备货币中的比重三个指标判断,日元第三阶段的国际化战略并未有效提高日元在国际贸易和国际金融当中的使用比例,也未能有效扭转日元在国际储备当中比重下降的趋势。尽管日元国际化进程处于停滞状态,但日本离岸中心的资产规模总体上却呈现增长态势。究其原因,日本离岸中心已成为再贷款的通道和国际避税的工具,对日元国际化进程没有起到积极作用。鉴于此,人民币离岸中心建设既要防范大规模跨境资金流动,也要防范金融体系漏洞。
From the following indexes, the share of Yen as currency of settlement in foreign trade, the share of Yen as transaction currency in foreign exchange, the share of Yen in international reserve currency, a judgment can be drawn that in the third stage of the Internationalization of Japanese Yen, the strategies, which aim to increase the proportion of Yen's usage in international trade and international finance, and also reverse the down-sloping trend of share of Yen in international reserve currency, have been failed. Although the Internationalization of Japanese Yen has paused, the amount of assets in offshore centers has been increasing. The reason is that offshore centers have been turned into the path of relending and the tool of international tax avoidance, which has no positive effect to the Internationalization of Japanese Yen. Therefore, the construction of offshore financial center of CNY shall prevent massive cross-border money flow, and fix the bugs of financial system.
From the following indexes, the share of Yen as currency of settlement in foreign trade, the share of Yen as transaction currency in foreign exchange, the share of Yen in international reserve currency, a judgment can be drawn that in the third stage of the Internationalization of Japanese Yen, the strategies, which aim to increase the proportion of Yen's usage in international trade and international finance, and also reverse the down-sloping trend of share of Yen in international reserve currency, have been failed. Although the Internationalization of Japanese Yen has paused, the amount of assets in offshore centers has been increasing. The reason is that offshore centers have been turned into the path of relending and the tool of international tax avoidance, which has no positive effect to the Internationalization of Japanese Yen. Therefore, the construction of offshore financial center of CNY shall prevent massive cross-border money flow, and fix the bugs of financial system.
引文
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[8]左海聪,范笑迎.论日本外汇法改革对人民币国际化的启示[J].苏州大学学报(哲学社会科学版),2015(4):73-79,192.
[9]李晓,[日]平山健二郎.东亚区域货币体系的构建与日元“亚洲化”(4)[J].世界经济评论,2002(4).
[10]李晓.“日元国际化”的困境及其战略调整[J].世界经济,2005(6):3-18.
[11]傅缨捷,丁一兵,王莹.日元国际化困境的原因探析——双边贸易的直接影响与空间溢出效应[J].亚太经济,2014(3):32-37.
[12]Shigeo Nakao.The Political Economy of Japan Money[M].University of Tokyo Press,1995:98-102.
[13]贾宪军.金融资本跨境流动与储备货币地位——基于日元经验的研究[J].国际金融研究,2014(8):35-43.
[14]殷剑峰.人民币国际化:“贸易结算+离岸市场”,还是“资本输出+跨国企业”?——以日元国际化的教训为例[J].国际经济评论,2011(4):4,53-68.
[2]S.R.Choi,A.E.Tschoegl,C.M.Yu.Banks and the World's Major Financial Centers,1970-1980[J].Weltwirhschaftliches Archiv,1986,122(1):48-64.
[3]S.R.Choi,D.Park and A.E.Tschoegl.Banks and the World's Major Banking Centers,2000[J].Review of World Economics,2013,139(3):550-568.
[4]Eichengreen Barry,Pipat Luengnaruemitchai.Why doesn't Asia have bigger bond markets?[R].HKIMR,Working Paper No.24/2004.
[5]D.J.Porteous.Geography of Finance:Spatial Dimensions of Intermediary Behavior[M].Averbury,Aldershot,England,1995.
[6]Ma Guonan,Corrinne Ho,Mc Cauley R.N.The Markets for Non-deliverable Forwards in Asian Currencies[R].BIS Quarterly Review,2004(6).
[7]刘亚,张曙东,许萍.境内外人民币利率联动效应研究——基于离岸无本金交割利率互换[J].金融研究,2009(10):94-106.
[8]左海聪,范笑迎.论日本外汇法改革对人民币国际化的启示[J].苏州大学学报(哲学社会科学版),2015(4):73-79,192.
[9]李晓,[日]平山健二郎.东亚区域货币体系的构建与日元“亚洲化”(4)[J].世界经济评论,2002(4).
[10]李晓.“日元国际化”的困境及其战略调整[J].世界经济,2005(6):3-18.
[11]傅缨捷,丁一兵,王莹.日元国际化困境的原因探析——双边贸易的直接影响与空间溢出效应[J].亚太经济,2014(3):32-37.
[12]Shigeo Nakao.The Political Economy of Japan Money[M].University of Tokyo Press,1995:98-102.
[13]贾宪军.金融资本跨境流动与储备货币地位——基于日元经验的研究[J].国际金融研究,2014(8):35-43.
[14]殷剑峰.人民币国际化:“贸易结算+离岸市场”,还是“资本输出+跨国企业”?——以日元国际化的教训为例[J].国际经济评论,2011(4):4,53-68.