摘要
狭义金融市场联动效应是指不同金融资产的价格及其收益率和波动率之间的协动关系。本文从理论角度分析了金融市场联动效应的作用机制,对境内外金融市场联动效应方面的研究文献进行了评述,特别是境外上市交易的本土概念外汇、利率、股票衍生品市场与境内对应金融市场之间的联动效应,并据此提出一些政策建议以及未来研究方向建议。
Narrowly defined linkage effects between financial markets are the co-movements of different financial assets＇ prices and their returns and volatilities. This paper analyses the mechanism of linkage effects from the theoretical aspect. Then the research literature on linkage effects between onshore and offshore financial markets are reviewed,especially those on linkage effects between offshore foreign exchange,interest rates,stock derivatives markets and corresponding onshore financial markets. On this basis,it puts forward some policy recommendations and suggestions for future research.
出处
《科学决策》
2010年第8期65-77,共13页
Scientific Decision Making
关键词
金融市场
联动效应
境外衍生品
financial markets
linkage effects
offshore derivatives
