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摘要: 这是一篇经融学方向的essay范文，主要讨论了离岸金融。离岸金融发展到今天，已形成全球地理分布和较完整的发展模式，根据其在不同发展阶段的不同发展形态，离岸金融已经成为一种制度创新的概念。总的来说，离岸金融就是在高度发达的金融自由化及金融全球化的环境下，在本国金融体系之外不受本国金融法规约束的，面对非居民的资金融通。 In the first phase, starting in the early 1950s, the most primitive form of offshore finance was in the form of European dollars. As the us and the DPRK the outbreak of the war, the United States to freeze the Soviet union in the United States all the deposits in dollars, in order to avoid economic losses and political blow, the Soviet union in the continent's Banks to open us dollar account for crops, industrial equipment and other goods settlement, form the eurodollar market, at the same time to enter the bud of offshore financial market. In the second stage, from the late 1950s to the late 1960s, the offshore financial market expanded from the European dollar to the European mark, the European franc and the European pound. In this stage, the us, due to a series of government interventions, has created the resistance of currency circulation, which makes money flow from the domestic market with poor liquidity to the offshore market with loose environment. At the same time, European countries have experienced inflation, and governments have launched a series of policies to reduce the impact of currency weakness and reduce the amount of currency in circulation. In the face of the measures taken by various countries, the German mark, Swiss franc and British pound entered the European currency market, which diversified the European financial market and promoted the development of the international offshore financial market. The third stage, the late 1960 s to 70 s, the definition of offshore finance broader, "oil money" at the same time, the offshore financial markets from Europe to expand to other continents. Outbreak of "oil crisis" in the early 70 s, European countries have fall into the predicament of the balance of payments imbalances, a large number of commercial bank deposits and direct investment in European countries form the circulation of capital, through the European monetary market into the United States and Europe, formed "petrodollars. At the same time, the U.S. government has lifted restrictions on Banks' cross-border operations and promoted the formation of several different types of offshore financial centers in Europe, Asia and the Caribbean. Singapore's emergence as Asia's offshore financial centre marks the formation of the Asian dollar. Since then, China's Hong Kong, Manila and other regions have also taken measures to open offshore financial services. Another breakthrough in the development of offshore financial market in this period was the formation and development of separate and bookmarked offshore financial centers for tax avoidance, which further activated the international offshore financial market. The fourth stage, after the 1980 s, the rapid development of offshore financial market at this time the meaning of offshore financial break through the geographical category of offshore financial centres, become a kind of system which influence the development of domestic and international financial markets. In order to consolidate and improve the status of the international financial center, the United States established international banking facilities in the United States in 1981, which pioneered offshore financial transactions on land. Since then, sets up the international banking facilities in Tokyo in Japan, Tokyo offshore financial market officially running in 1986 marked the offshore financial business to break through the confine of offshore financial centers nationwide to Japan extension. Offshore finance since form development, has formed the global distribution and the development of a complete pattern, according to its different development stages of different development form, it can be seen that the offshore finance is not only a development at the beginning of the scope of a geographical concept, but become a concept of system innovation. Summarizes the development of offshore finance, offshore finance can be summarized as: the definition of the highly developed financial liberalization and financial globalization environment, outside of the country's financial system is not affected by the country's financial regulatory constraints, in the face of a non-resident financing. From the above about the narrative in the evolution of the offshore financial concepts, it can be seen that the offshore financial market from a regional concept for the development of a global financial system, it embodies the change of system. Institutional economists system is defined as to establish a series of social production, exchange and distribution, economic rules, these rules are part of for mandatory rules, set in the form of law, proportion is not big; And another is in the social changes gradually evolved a more prescriptive rules, the members of the community play a spontaneous daily political and economic life, the rules of the rules of the society as a whole accounted for bigger, impact is bigger also. Coase is the concept of "transaction cost" and "the marginal analysis method" is introduced into the institutional economics, makes the analysis and research of the institutional economics into the new stage, can be more intuitive to explain the whole social economic system evolution. When a country's financial system arrangement is marginal revenue and marginal cost of inequality, the financial system to produce the non-balanced state, at each main body in the financial system will change the status quo to make maximum profit or minimum cost motive, prompting the change of the old system in order to achieve the balance of the new system. At the same time, the institutional change theory of noss and schulz also makes the system an important factor influencing the optimal allocation of resources. Although the system is an internal factor in the operation of an economic system, it has external influence, and the root of which is that the system structure cannot adapt to the development of the economic society at that time. Some scholars point out that, in essence, the initial form of offshore finance, the European dollar, was not necessary. It is precisely because a country has too strict control over its financial institutions that it severely restricts the liquidity demand of its financial institutions for its own currency. And restrictions on foreign financial institutions using local currency, or the country's financial institutions to use foreign currency control relatively loose, makes a country use foreign currency for international settlement, foreign exchange hedge or multinational investment and financing of the credit business and other business can be done by the foreign issuers of financial institutions, to avoid the country government's strict control, to achieve optimum financial resource configuration. Eurodollar is, therefore, of being under the function of supply and demand, and the dollar has quickly become international settlement unit is also due to its loose control of the financial system in the United States, due to the international financial regulatory asymmetry. After that, some scholars further quantified the institutional factors, and set an indicator -- net regulatory burden, including three variables: the reserve ratio of a country's commercial Banks; The rate of interest, dividend and other capital gains of a country; A country requires disclosure of financial data such as interest and dividend. These three variables are positively related to NRB, and the higher the three variables are, the higher the NRB is. Through the quantitative analysis of several international financial centers at that time, it was concluded that London had the lowest NRB index, so as to conclude that the European dollar market first appeared in London. The use of this index system to produce and development of offshore financial market has carried on the quantitative analysis, further illustrate the importance of institutional evolution of financial market, also expounds the well offshore finance is a systematic concept. In addition, the emergence and development of offshore finance is also a process of system innovation. "Innovation" concept first put forward by schumpeter: innovation is a new kind of factors of production or a new combination is introduced into the production process of production conditions or both, to produce the product of transcendence or improve production efficiency. This innovation is broad in scope, not only refers to the organizational innovation involving technical change, but also includes the non-technical change. Appearance and development of offshore financial innovation is an interactive mechanism and system, system innovation to adapt to changing market demand, the market for a better way of dealing with institutional change, will also take the appropriate measures to innovate. This kind of institutional innovation is driving the whole social economy forward. The development of offshore finance is of great significance to China's economic field. As a result of the above analysis of the system, only the promotion significance of the system is discussed. The development of offshore finance is an innovation of the system and also reflects the improvement of the system. Financial system and economic development are affected by the relationship of mutual restraint and promotion. On the one hand, from the micro sense, break through the traditional offshore financial market regions, departments, institutional constraints, through the flexible transfer of capital, the local capital markets and more efficient to combine with the international capital market, to achieve the optimal allocation of financial resources. Financial institutions as a micro main body of the market, not only can make full use of capital, realize the maximization of the interests of the active market, more can use offshore business in line with the international market, to achieve international operation, promote the internationalization of RMB. On the other hand, from a macro sense, in the process of development of offshore financial, build a more perfect financial system, make its constantly to meet the requirements of economic development and implementation of financial institutions, financial service innovation at the same time, promote innovation of China's financial system, perfecting the market economy system in our country.#p#分页标题#e# |
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