03577ntm a22005417i 4500 000726046 CZ-PrVSE 20250920220214.0 m d cr n|||||||||| 250920s2025 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 rda Rao, Qu ISIS:180458 dis Internationalization of the Chinese Renminbi eng Internationalization of the Chinese Renminbi / Qu Rao 2025 ?? stran : digital, PDF soubor Vedoucí práce: Karel Brůna Diplomová práce (Ing.)—Vysoká škola ekonomická v Praze. Fakulta financí a účetnictví, 2025 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2025 This study investigates the macroeconomic determinants of Renminbi (RMB) internationalization, using the scale of RMB deposits in Hong Kong (LNRMBD) as a proxy indicator. Drawing on annual data from 2004 to 2023, the analysis employs a Vector Error Correction Model (VECM) to examine both the short-run dynamics and long-run equilibrium relationships between RMB internationalization and four key macro-financial variables: China's GDP growth rate (LNGDPR), foreign exchange reserves (LNFER), stock market capitalization-to-GDP ratio (LNMCG), and the real effective exchange rate of the RMB (LNREER). The Johansen cointegration test confirms the presence of a longrun equilibrium relationship among the variables. The adjustment coefficient (α) for LNRMBD is negative and highly significant, indicating a strong adjustment mechanism. In the short run, LNMCG and LNGDPR exert significant positive effects. Granger causality tests identify unidirectional causality from LNMCG and LNGDPR to LNRMBD. Impulse response functions reveal that one-standard-deviation shocks to LNMCG and LNFER generate strong and persistent positive effects on RMB deposits, while shocks to LNGDPR are negligible and LNREER has a weakly negative impact. Variance decomposition further highlights the dominant roles of LNMCG and LNFER in explaining fluctuations in offshore RMB deposits. These findings emphasize the importance of financial development and external credibility in advancing RMB internationalization. Způsob přístupu: Internet finance and accounting [obor dipl. práce] diplomové práce fd132022 czenas master's theses eczenas Foreign exchange reserves Offshore RMB market Renminbi internationalization Vector Error Correction Model (VECM) China's GDP growth rate Financial market development real effective exchange rate Brůna, Karel, 1973- mzk2009543943 ths Šíma, Ondřej ISIS:41743 opn Vysoká škola ekonomická v Praze. Fakulta financí a účetnictví kn20010709398 dgg https://insis.vse.cz/zp/90016/podrobnosti VŠKP v InSIS https://insis.vse.cz/zp/90016 Hlavní práce https://insis.vse.cz/zp/90016/posudek/vedouci Hodnocení vedoucího https://insis.vse.cz/zp/90016/posudek/oponent/88434 Oponentura https://insis.vse.cz/zp/90016/podrobnosti dc:identifier NEPOSILAT VSKP vse90016 250912 90016