金融市场发展与全球失衡:基于创新与生产的垂直分工视角

发布时间：2018-01-25 10:10

本文关键词： 金融发展全球失衡垂直分工国际资本流动　出处：《当代财经》2011年01期 　论文类型：期刊论文

【摘要】：在20世纪90年代中期开始的新一轮全球失衡中,以中国为代表的发展中国家成为经常项目顺差的主角。同时,大量FDI从发达国家流向发展中国家,进而形成了发达的全球生产体系。基于全球失衡的上述特点以及在Antràs和Caballero(2007)水平分工模型的基础上,通过建立一个垂直分工模型,可以从国际分工视角为全球失衡问题提供更加坚实的微观基础。同时,模型把社会生产划分为创新和生产两个环节,并指出与生产活动相比,创新活动更加依赖外部融资,因此,金融发展程度更高的国家在创新活动上具有比较优势,而金融发展程度较低的国家则在生产活动上具有比较优势。而且,在进行国际交换时,创新成果和生产成果通常反映在国际收支账户中的不同项目上,因此,基于这种国际垂直分工的创新成果和生产成果的均衡交易将引起参与分工国家经常项目的失衡。
[Abstract]:In the new round of global imbalances that began in the middle of 1990s, the developing countries, represented by China, became the protagonists of the current account surplus. At the same time, a large amount of FDI flowed from the developed countries to the developing countries. Thus, a developed global production system is formed, based on the above characteristics of global imbalances and the horizontal division of labor model of Antr 脿 s and Caballero 2007. Through the establishment of a vertical division of labor model, we can provide a more solid micro basis for the global imbalance from the perspective of international division of labor. At the same time, the model divides social production into two links: innovation and production. Compared with production activities, innovation activities depend more on external financing. Therefore, countries with a higher level of financial development have comparative advantages in innovation activities. Countries with lower levels of financial development have a comparative advantage in productive activities, and innovation and production results are usually reflected in different items in the balance of payments account in international exchange, so. The equilibrium transaction of innovation and production results based on this international vertical division of labor will lead to the imbalance of the current account of the countries participating in the division of labor.
【作者单位】：天津财经大学国际经济贸易系;中央财经大学会计学院;
【基金】：国家社科基金项目“外贸顺差问题研究——基于金融深化差异的阐释”(08BJY117)
【分类号】：F831.5
【正文快照】： 一、引言自第二次世界大战以来,全球失衡问题总是不时地困扰着世界经济的发展。从20世纪90年代中期开始的新一轮全球失衡中,虽然德国、日本与美国、英国等发达国家之间的失衡依然存在,但以中国为代表的发展中国家也开始成为重要的经常项目顺差国。特别是在中国加入WTO以后,中

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