香港离岸金融中心的国际地位与竞争力分析

本文基于离岸金融角度,研究香港银行业、股票市场和资产管理业务的国际化经营特点。并以1995-2011年季度数据量化变量之间的长期均衡关系,探讨香港银行业的离岸资产与负债增长特点、股票市场的国际化运作方式,以及资产管理业迅速发展的原因,并用格兰杰因果检验方法量化离岸金融与在岸经济和在岸金融的长期均衡关系。

The Competitive Position of Hong Kong as an Offshore Financial Center

This paper intends to study the international operations of Hong Kong’s banking industry,equity market and asset management and to quantify the long-term equilibrium relationship between these variables using the quarterly data spanning 1995-2011.The paper starts with an inquiry into the banking industry’s assets in foreign currency,offshore assets and liabilities,then discuss the international operations of the equity market in terms of product lines,investors and equity financing,continues to explore the path of growth of Hong Kong’s asset management business,and ends with an empirical study of the relationship between offshore finance and onshore economic development and finance.