分类资本流动与汇率制度——来自162个经济体的经验证据
发布时间：2018-11-06 10:24
【摘要】：本文根据三种不同标准,对资本流动进行了细分,并以全球162个经济体(1974-2010年)为样本,考察了不同类型的资本流动对汇率制度选择的影响。研究发现,组合投资资本、短期资本和权益资本流动程度越高的经济体越倾向于选择更有弹性的汇率制度,而其余四类资本流动——FDI资本流动、其他资本流动、长期资本流动和债务资本流动则对汇率制度选择没有显著影响。采用Reihart Rogoff(2004)、Levy-Yeyati Strurzenegger(2005)、Shambaugh(2004)等不同的汇率制度分类方法或者采用不同计量模型并不改变本文的研究结论。
[Abstract]:In this paper, capital flows are subdivided according to three different criteria, and the effects of different types of capital flows on the choice of exchange rate regimes are investigated with 162 economies (1974-2010) as samples. It is found that the economies with higher degree of portfolio capital, short-term capital and equity capital flow tend to choose more flexible exchange rate regimes, while the other four types of capital flows-FDI capital flows, other capital flows, Long-term capital flows and debt capital flows have no significant effect on the choice of exchange rate regime. Using Reihart Rogoff (2004), Levy-Yeyati Strurzenegger (2005), Shambaugh (2004) and other different classification methods of exchange rate regime or adopting different econometric models does not change the conclusion of this paper.
【作者单位】： 西南财经大学金融学院;西南财经大学金融学院金融系;西南财经大学中国金融研究中心;
【基金】：教育部人文社会科学基金青年项目“利益集团对人民币汇率制度弹性的影响研究”(15XJC790007);教育部人文社会科学重点研究基地重大项目“人民币汇率制度弹性的测度、影响因素及其经济绩效研究”(15JJD790028)资助
【分类号】：F832.6
[Abstract]:In this paper, capital flows are subdivided according to three different criteria, and the effects of different types of capital flows on the choice of exchange rate regimes are investigated with 162 economies (1974-2010) as samples. It is found that the economies with higher degree of portfolio capital, short-term capital and equity capital flow tend to choose more flexible exchange rate regimes, while the other four types of capital flows-FDI capital flows, other capital flows, Long-term capital flows and debt capital flows have no significant effect on the choice of exchange rate regime. Using Reihart Rogoff (2004), Levy-Yeyati Strurzenegger (2005), Shambaugh (2004) and other different classification methods of exchange rate regime or adopting different econometric models does not change the conclusion of this paper.
【作者单位】： 西南财经大学金融学院;西南财经大学金融学院金融系;西南财经大学中国金融研究中心;
【基金】：教育部人文社会科学基金青年项目“利益集团对人民币汇率制度弹性的影响研究”(15XJC790007);教育部人文社会科学重点研究基地重大项目“人民币汇率制度弹性的测度、影响因素及其经济绩效研究”(15JJD790028)资助
【分类号】：F832.6
【参考文献】
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