国际金融整合下资金流动与经济增长关系研究——基于新兴经济体面板数据的分析

发布时间：2018-03-07 18:50

本文选题：资金流动　切入点：国际金融整合　出处：《上海经济研究》2012年04期 　论文类型：期刊论文

【摘要】：在引入特定的宏观经济、金融和政策变量等控制变量后,本文尝试检验东欧、东亚和拉丁美洲三大主要新兴经济体的资金流动方向及其对经济增长的影响。实证结果显示:东欧地区收入水平与金融深化程度仍然偏低,但随着发展程度提高,未来将由资金流入转为流出。东亚地区的超额外汇储备、贸易顺差与资金流出,被指控为造成美国巨额经常账户赤字与全球经常账户失衡的主要原因之一。但该地区若能够持续进行金融深化,资金可能回流并使全球经常账户失衡现象得以缓解。至于拉丁美洲地区的宏观经济、金融和政策变量,对资金流动方向并无决定性影响,财政与货币政策仍是决定资金流入能否有助于经济增长的关键因素。最后,本文对解决我国国际收支不平衡问题提出了政策建议。
[Abstract]:After introducing specific control variables such as macroeconomic, financial and policy variables, this paper attempts to test Eastern Europe. The direction of capital flows in the three major emerging economies of East Asia and Latin America and their impact on economic growth. Empirical results show that income levels and financial deepening in Eastern Europe remain low, but as the level of development increases, East Asia's excess foreign exchange reserves, trade surplus and capital outflow will be changed from capital inflow to outflow in the future. The allegations are one of the main causes of the large current account deficit in the United States and the global current account imbalance. But if the region continues to deepen its finances, As for the macroeconomic, financial and policy variables of the Latin American region, there is no decisive impact on the direction of financial flows. Fiscal and monetary policies are still the key factors to determine whether the inflow of funds can contribute to economic growth. Finally, this paper puts forward some policy suggestions to solve the imbalance of balance of payments in China.
【作者单位】：安徽大学经济学院;
【基金】：教育部人文社会科学研究项目“后危机时代区域产业转移问题研究——基于东部企业区位选择与迁移行为的分析”(10YJA790076)
【分类号】：F831.7;F113;F224

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