Study on the Financial Innovation in Binhai New Area and RMB Internationalization
|School||Tianjin University of Finance and Economics|
|Keywords||Financial Innovation RMB Internationalization OTC Renminbi Convertibity Offshore Financial Centre|
Since the 21st century, in the pattern which the financial industry competition intensifies day by day, innovations demonstrates the infinite vitality and the vigor in the financial field, and finance d is getting more and more important in the social economy. Financial reform and innovation taken place in the Binhai New Area is most important among the synthesis coordinated reform, which will tiger the process of Renminbi internationalization and become the important channel’s key aspect in the financial development and in the financial opening process. This paper analyzes the finance innovation in Binhai New Area and the economic effects, the mechanism and the pattern of Renminbi internationalization, and summarizes our country’s macro economic and development characteristics of Binhai New Area. With the help of economic theories, this paper constructs the model to study Binhai New Area in our country macro economic development, and also gives the related policy suggestions. The main content of this paper is as follows:Firstly, this paper gives the background of this research, the analysis of literatures, and the research methods and creative points. This is the introduction for further studies on which Tianjin’s strategic localization of“the modern financial service system”, and carries on the proof analysis to the Binhai New Area as the Renminbi internationalization pivot’s feasibility. On the base of literatures analysis, the paper studies the theoretical basement of financial innovation and currency internationalization, which provides the theory frame for the following analysis. It mainly contains the theories of financial innovation, the currency internationalization as well as the correlation theories. On the base of summarizes in the literature, this chapter gives the foundation which further combs the more typical theoretical model, and provides the theory instruction for the financial innovation and the Renminbi internationalization.Secondly, the paper also gives the inspection for finance innovation in Binhai New Area and Renminbi internationalization. Through analyzes our country as well as the Binhai New Area’s present situation of macro economic, the paper determines the the status for Binhai New Area’s finance innovation in our country macro economic development. The research on Renminbi in the surrounding countries area’s circulation and the analyses of acceleration to foreign exchange management reforms in Tianjin, together with the analytical study on macro economic build the foundation for the following research. Based on the theories of the union currency internationalization condition, using the panel data regression model, the paper carries on the empirical analysis to external environment factors for internationalizations of US dollar, the pound, and Japanese yen’s.With the help of the simple general equilibrium model, the paper analyses Renminbi internationalization’s effect to our country macro economic. Based on the financial innovation“from the organization”the process inspection and the analysis, the paper studies the Binhai New Area finance’s innovation“the breakthrough point”and“the feasible collection”. Besides the research of Renminbi internationalization and financial innovation relations, the paper studies as well as the construction of Binhai off-shore financial center and Renminbi internationalization advancement interactive advancement. At the end of this paper is the paten choice of Binhai New Area finance innovation pattern and Renminbi internationalization. The paper discovers the financial innovation pattern which suits the Binhai New Area to satisfy our country macro economic development request, and further discusses the following measure for Binhai New Area international finance innovation. The paper also gives the policy suggestions on Binhai New Area finance innovation and the Renminbi internationalization.This paper attempted in the earlier period research’s foundation has carried on the following innovation work: based on the reference had the research, constructs the reasonable framework for analyzing the effect of Renminbi internationalization; establishes the interaction microscopic analysis angle of view for Binhai New Area finance innovation and the Renminbi internationalization, as well as the Renminbi exchangeable experiment site for Renminbi convertibility. The paper takes overall evaluation of the financial innovation and the Renminbi internationalization, and makes the important implementation platform by the Binhai New Area carry on the system inspection. It also analyzes the Binhai newly developed area finance innovation and the Renminbi internationalization economic effect, the action mechanism and the way choice pattern, and from operation stratification plane prominent point choice and project design feasibility.