基于在岸金融市场视角的日元国际化进程与启示

最近几年,日元国际化程度不见提高,反而不断被边缘化,成为国际经济活动中的非主流货币。为此,文章从微观角度研究日本国内金融市场对日元国际化进程的支持力度。研究发现,受国内经济长期衰退影响,日本股票市场表现不及其他发达市场;其债券市场发展不平衡,国债市场独大,公司债券市场萎靡,并且资本项目开放不完全限制了债券市场发展;其衍生品市场也缺乏国际竞争力。换言之,日本在岸金融市场发展直接制约了日元国际化进程。

Onshore Financial Market and the Internationalization of the Yen

Over the recent years,the Japanese Yen has been marginalized without being a major currency in international economic relations.The paper examines how the development of onshore financial market impacts on the internationalization of the Yen.We document findings that 1) Japanese stock markets have performed poorly because of the long-term economic recession;2) the bond markets are unevenly developed,where corporate bond markets are too small in relation to government bond markets.The partial capital account liberalization has also depressed the development of Japanese bond markets;and 3) the derivatives market has also been lack of globally competitiveness.In short,Japan’s onshore financial markets have been constraints for the internationalization of the Yen.