CAJ | 학술논문

本文以欧洲美元市场这个典型的离岸市场为例，对20世纪60年代以来离岸市场的相关文献进行了全面综述，特别关注欧洲美元市场发展对美国货币政策的影响。基本结论包括：离岸市场存款规模的增长并不会对本国货币供应产生显著的直接影响，但确实会削弱货币调控目标的有效性并导致货币流动速度的意外波动，不过实证结果表明离岸市场对货币政策的上述影响是有限且可控的。本文旨在以欧洲美元市场为借鉴，为进一步深入研究离岸人民币市场发展对我国货币政策的影响等具有现实意义的问题奠定基础。
본문이구주미원시장저개전형적리안시장위례，대20세기60년대이래리안시장적상관문헌진행료전면종술，특별관주구주미원시장발전대미국화폐정책적영향。기본결론포괄：리안시장존관규모적증장병불회대본국화폐공응산생현저적직접영향，단학실회삭약화폐조공목표적유효성병도치화폐류동속도적의외파동，불과실증결과표명리안시장대화폐정책적상술영향시유한차가공적。본문지재이구주미원시장위차감，위진일보심입연구리안인민폐시장발전대아국화폐정책적영향등구유현실의의적문제전정기출。
This article summarizes nearly 50 years＇ hterature about the offshore market since 1960s, taking the largest and most typical offshore market, Eurodollar market, as an example, and concentrates on the effect of Eurodollar market developmem on US monetary pohcies. The basic conclusions include： the increase of offshore deposit volume does not impose significant influence on domestic money supply directly, but it indeed weakens the effectiveness of monetary control target and results unexpected fluctuation of domestic money velocity. Nev- ertheless, empirical results indicated that these effects were limited and controllable. This article aims at draw- ing on the experience from Eurodollar market, so as to establish the foundation for further studying the effect of offshore RMB market on China＇s monetary policies.