hrcak mascot   Srce   HID

Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2019.1636697

Can onshore spot market progress influence offshore N.D.F. market development for the C.N.Y?

Chi-Wei Su ; School of Economics, Qingdao University, Qingdao, China
Kai-Hua Wang ; Department of Finance, Ocean University of China, Qingdao, China
Heng-Guo Zhang ; School of Economics, Ocean University of China, Qingdao, China
Rui Nian ; College of Information Science and Engineering, Ocean University of China, Qingdao, China

Puni tekst: engleski, pdf (2 MB) str. 1621-1644 preuzimanja: 49* citiraj
APA 6th Edition
Su, C., Wang, K., Zhang, H. i Nian, R. (2019). Can onshore spot market progress influence offshore N.D.F. market development for the C.N.Y? . Economic research - Ekonomska istraživanja, 32 (1), 1621-1644. https://doi.org/10.1080/1331677X.2019.1636697
MLA 8th Edition
Su, Chi-Wei, et al. "Can onshore spot market progress influence offshore N.D.F. market development for the C.N.Y? ." Economic research - Ekonomska istraživanja, vol. 32, br. 1, 2019, str. 1621-1644. https://doi.org/10.1080/1331677X.2019.1636697. Citirano 31.03.2020.
Chicago 17th Edition
Su, Chi-Wei, Kai-Hua Wang, Heng-Guo Zhang i Rui Nian. "Can onshore spot market progress influence offshore N.D.F. market development for the C.N.Y? ." Economic research - Ekonomska istraživanja 32, br. 1 (2019): 1621-1644. https://doi.org/10.1080/1331677X.2019.1636697
Harvard
Su, C., et al. (2019). 'Can onshore spot market progress influence offshore N.D.F. market development for the C.N.Y? ', Economic research - Ekonomska istraživanja, 32(1), str. 1621-1644. https://doi.org/10.1080/1331677X.2019.1636697
Vancouver
Su C, Wang K, Zhang H, Nian R. Can onshore spot market progress influence offshore N.D.F. market development for the C.N.Y? . Economic research - Ekonomska istraživanja [Internet]. 2019 [pristupljeno 31.03.2020.];32(1):1621-1644. https://doi.org/10.1080/1331677X.2019.1636697
IEEE
C. Su, K. Wang, H. Zhang i R. Nian, "Can onshore spot market progress influence offshore N.D.F. market development for the C.N.Y? ", Economic research - Ekonomska istraživanja, vol.32, br. 1, str. 1621-1644, 2019. [Online]. https://doi.org/10.1080/1331677X.2019.1636697

Sažetak
This study utilises a time-varying wavelet analysis to examine the relationship between the onshore spot market and the offshore non-deliverable forward (N.D.F.) market of the Chinese Yuan (C.N.Y.). Given the presence of structural changes in the two markets, we did not find any stable causality during the sample period. However, in some sub-samples, we found that there is a strong nonlinear causal relationship running from the onshore spot market to the offshore N.D.F. market. Ties between the two markets are closer after the widening of the onshore trading band, first in April 2012, second in March 2014 and again in August 2015. The onshore spot market is heavily influenced by interventions by the People’s Bank of China (P.B.C.). These findings imply that offshore N.D.F. market development is not divorced from onshore development, as developments in the onshore spot market influence the offshore N.D.F. market. The results show that the exchange rate markets for the C.N.Y. are not efficient. Thus, to successfully internationalise the C.N.Y., financial expansion of the onshore spot market should keep pace with the growing offshore N.D.F. market to minimise destabilisation of the C.N.Y.

Ključne riječi
onshore and offshore markets; spot and forward markets; wavelet analysis; frequency domain; time domain; time-varying causality

Hrčak ID: 228823

URI
https://hrcak.srce.hr/228823

Posjeta: 86 *