Study Of Operation And Development Of China's Gold Market Under Background Of Financial Globalization

Under development of financial globalization, competition between global financial markets become aggravated,transmission speed of market information and risk become faster obviously, global financial system face enormous security threat that cause by U.S. financial crisis in 2008, for the salient safe-haven of gold, global gold investment transactions are very active. As a rising sector of China's financial markets, gold market is just on path of the full liberalization under background of financial globalization. October 30th 2002, Shanghai Gold Exchange officially establish as a milestone in development. January 9th 2008, gold futures contracts traded at the Shanghai Futures Exchange, market achieve the qualitative change from commodity market to financial market. So far, China's gold market achieve the historical transformation from scratch, from small to large, gold investment channels have also achieved historical transformation from single to wide. Global financial crisis objectively promote development of China's gold market, cause widespread concern by global financial community.On the base of relevant research at home and abroad, this thesis do a comprehensive study to operation and development of China's gold market from the perspective of financial globalization. Firstly, based on the running status, in-depth analyze the impact mechanism of China's gold market, to find a valid path of internationalization for market, to provide a sound practical basis for establishing of market system. Secondly, set up a regression model by using econometric methods to study each impact factors in China's gold market, analyze the impact degree of them by combining qualitative and quantitative analysis method; meanwhile use financial econometrics GARCH-BEKK model to study volatility spillover effects of gold price between home and abroad, analyze the fluctuated transmission from international gold market, provide workable recommendations for improvement of operational mechanism. Finally, study current China's gold market as subject, adapt to the new situation as target, drawing on international experience, establish a new gold market operation system, and build the corresponding regulatory systems, to improve system framework of China's gold market.