金融发展与国际资本流动:新兴市场与发达经济体的比较

发布时间：2019-03-26 12:23

【摘要】：本文运用59个经济体1994—2011年的跨国面板数据,采用静态面板模型、动态面板模型和Tobit模型探讨了金融发展对国际资本流动的影响。结果表明,金融发展是影响国际资本流动的一个重要因素。总体而言,金融发展能显著促进一国外商直接投资(FDI)和金融资本的流入。进一步地分析表明,金融发展对发达经济体和新兴市场资本流动的影响存在差异。尽管金融发展均能促进新兴市场和发达经济体FDI的净流入,但对发达经济体的影响大于新兴市场。金融发展水平提高有利于组合股权投资和私人资本流向发达经济体,但新兴市场不完善的金融体系对股权投资和私人资本缺乏吸引力。因此,对广大新兴市场而言,为吸引资本流入以助推经济增长,有针对性地完善金融市场并提高金融发展水平是一个重要的努力方向。
[Abstract]:Based on the cross-border panel data of 59 economies from 1994 to 2011, this paper discusses the impact of financial development on international capital flows by using static panel model, dynamic panel model and Tobit model. The results show that financial development is an important factor affecting international capital flows. Overall, financial development can significantly promote the inflow of foreign direct investment (FDI) and financial capital in a country. Further analysis shows that there are differences in the impact of financial development on capital flows in developed economies and emerging markets. While both financial developments can boost net inflows of FDI from emerging markets and advanced economies, they have a bigger impact on advanced economies than on emerging markets. A higher level of financial development is conducive to portfolio equity investment and private capital flows to advanced economies, but an imperfect financial system in emerging markets lacks attractiveness to equity investment and private capital. Therefore, in order to attract capital inflow to boost economic growth, it is an important direction to improve the financial market and improve the level of financial development in order to attract capital inflow to the majority of emerging markets.
【作者单位】：中国社会科学院研究生院;浙江工商大学经济学院;
【基金】：国家社会科学基金项目“中国发展模式独特竞争力研究”(13BGJ004)
【分类号】：F831

【相似文献】