Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)

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A Study on the Impact of Bond Market Development on RMB Internationalization

Authors
Chunka Tai1, *
1Renmin University of China, Beijing, 100089, China
*Corresponding author. Email: dchunka@163.com
Corresponding Author
Chunka Tai
Available Online 27 December 2022.
DOI
10.2991/978-94-6463-098-5_171How to use a DOI?
Keywords
Currency internationalization; RMB internationalization; Bond market
Abstract

This paper uses the method of constructing a currency internationalization index to measure the degree of a country's currency internationalization, and selects the ratio of the stock of national debt denominated in currency to the country's GDP to measure the development of a country's domestic bond market, and selects the share of currency denominated in international bonds to measure the currency issuing country's development level of bonds in the international bond market. Then using a long-panel fixed-effect model and a comprehensive FGLS regression method to analyze the relationship between bond market development and the degree of currency internationalization. The results show a country's domestic bond market and its bond’s development in the international bond market will significantly promote the internationalization of the country's currency, so the Chinese government should take measures to promote the development of the Chinese bond market in order to enhance the internationalization of the RMB.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
27 December 2022
ISBN
78-94-6463-098-5
ISSN
2352-5428
DOI
10.2991/978-94-6463-098-5_171How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Chunka Tai
PY  - 2022
DA  - 2022/12/27
TI  - A Study on the Impact of Bond Market Development on RMB Internationalization
BT  - Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)
PB  - Atlantis Press
SP  - 1514
EP  - 1519
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-098-5_171
DO  - 10.2991/978-94-6463-098-5_171
ID  - Tai2022
ER  -