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    Title: 香港人民币离岸利率能够倒逼影响在岸利率吗?
    Authors: 严佳佳;幸进成;黄健铭
    Keywords: 离岸利率;在岸利率;资本管制
    Date: 2016-12
    Issue Date: 2019-09-10 12:10:52 (UTC+8)
    Abstract: 作为金融市场化改革的增量措施,香港人民币离岸利率的推出被赋予了倒逼在岸利率改革的政策目的。本文通过构建存在资本管制条件下在岸与离岸市场资本流动竞争模型,推导发现离岸利率会对在岸利率形成倒逼效应,同时放松资本管制会强化倒逼效应的影响。本文以2010年3月至2015年6月期间离、在岸人民币同业拆借利率为研究对象,采用ARDL—ECM模型以及边界检验证明了对超过14天期限品种而言,离岸利率对在岸利率的倒逼效应是真实存在的,并且资本账户开放对倒逼的刺激作用已经显现。
    Relation: 国际金融研究 12, p.74-83
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Journal Article

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