影响资本账户开放策略选择的因素——金融稳定的视角
发布时间：2019-06-15 14:48
【摘要】：金融稳定下影响资本账户开放策略选择的关联因素分析是目前国内外文献的研究热点。本文构建一个包含资本账户开放、金融稳定、国内储蓄率、对外债务履约状况、公众对金融体系的信心、金融深化以及消费不均等程度等诸多因素组成的系统分析框架,采用理论模型和实证方法探讨影响新兴市场经济体金融开放的相关因素。综合研究成果表明,资本账户开放在某种程度上会导致金融风险的上升。一国较低的储蓄率以及对外债务状况的恶化则会加剧开放引致的金融风险,而金融深化与消费水平不均等程度的改善以及公众对金融体系信心的提升在一定程度上都会有效增强开放进程中经济体的金融稳定程度,进而实现占优策略均衡。值得注意的是,本文提出了中国存在针对金融开放进程进行重新再思考的现实必要性。
[Abstract]:The analysis of the related factors affecting the choice of capital account opening strategy under financial stability is a hot research topic in the literature at home and abroad at present. This paper constructs a systematic analysis framework composed of many factors, such as capital account opening, financial stability, domestic savings rate, external debt performance, public confidence in the financial system, financial deepening and the degree of consumption inequality, and uses theoretical models and empirical methods to explore the related factors affecting the financial opening of emerging market economies. The comprehensive research results show that the opening of capital account will lead to the rise of financial risk to some extent. The low savings rate of a country and the deterioration of its external debt situation will aggravate the financial risks caused by openness, and the improvement of the inequality of financial deepening and consumption level, as well as the improvement of public confidence in the financial system, will effectively enhance the degree of financial stability of the economies in the process of opening up to a certain extent, and thus achieve the dominant strategic balance. It is worth noting that this paper puts forward the realistic necessity of rethinking the process of financial opening in China.
【作者单位】： 华东师范大学金融研究院;英国杜伦大学商学院;
【基金】：国家自然科学基金项目(批准号:70873041) 教育部人文社科规划后期项目(11JHQ032) 2011年上海市教委科研创新项目的资助
【分类号】：F832.6
[Abstract]:The analysis of the related factors affecting the choice of capital account opening strategy under financial stability is a hot research topic in the literature at home and abroad at present. This paper constructs a systematic analysis framework composed of many factors, such as capital account opening, financial stability, domestic savings rate, external debt performance, public confidence in the financial system, financial deepening and the degree of consumption inequality, and uses theoretical models and empirical methods to explore the related factors affecting the financial opening of emerging market economies. The comprehensive research results show that the opening of capital account will lead to the rise of financial risk to some extent. The low savings rate of a country and the deterioration of its external debt situation will aggravate the financial risks caused by openness, and the improvement of the inequality of financial deepening and consumption level, as well as the improvement of public confidence in the financial system, will effectively enhance the degree of financial stability of the economies in the process of opening up to a certain extent, and thus achieve the dominant strategic balance. It is worth noting that this paper puts forward the realistic necessity of rethinking the process of financial opening in China.
【作者单位】： 华东师范大学金融研究院;英国杜伦大学商学院;
【基金】：国家自然科学基金项目(批准号:70873041) 教育部人文社科规划后期项目(11JHQ032) 2011年上海市教委科研创新项目的资助
【分类号】：F832.6
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