人民币国际化外文文献及文献综述.docx

人民币国际化外文文献及文献综述.docx

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本份文档包含:关于该选题的外文文献 、文献综述一、外文文献标题: The internationalization of the RMB, capital market openness, and financial reforms in China作者: Aizenman, Joshua期刊: BOFIT Discussion Papers卷: 4;期: 1;页: 4-26;年份: 2015The internationalization of the RMB, capital market openness, and financial reforms in ChinaAbstractThis paper provides an overview of Chinese financial and trade integration in recent decades, and the challenges facing China in the coming years. China had been a prime example of export-led growth, benefiting from learning by doing, and by adopting foreign know-how, supported by a complex industrial policy. While the resultant growth has been spectacular, it comes with hidden but growing costs and distortions. The Chinese exported growth path has been challenged by its own success, and the Global Financial Crisis forced China toward rebalancing, which is a work in progress. Reflecting on the internationalization of the CNY, one expects the rapid accelerating of the commercial internationalization of the CNY. In contrast, there are no clear-cut reasons to rush with the full CNY financial internationalization: The gains from CNY financial internationalization are overrated.Keywords: export led growth, CNY internationalization, mercantilism, financial integration, FDI.This paper overviews the Chinese financial and trade integration in recent decades. We start by evaluating the history of Chinese growth-cum-financial policies, arguing that the export-led growth of China was a highly successful policy, as has been vividly illustrated by the unprecedented catching up of Chinese size with the U.S. [either in current dollar or adjusted for PPP]. Yet, the remarkable success of this process sowed its end, and the need for China to rebalance its economy. Lookingforward, we point out the logic of sequencing financial reforms. While one expects the rapid acceleration of commercial internationalization of the CNY, and the growing use of CNY

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