资本约束下的经济韧性重塑:基于全球价值链嵌入视角

发布时间：2018-04-20 15:25

本文选题：新兴经济体 + 经济韧性　；参考：《世界经济研究》2017年08期

【摘要】：资本约束的经济发展效应一直是学术界争论的焦点,在经济增长乏力期,跨境资本"紧箍咒"是否有利于实现经济韧性,这是一个亟待研究的课题。文章基于全球价值链视角,实证考察了32个新兴经济体国家的资本约束政策对实现经济韧性的影响,并解构了全球价值链嵌入的门限效应特征。研究发现,资本约束与全球价值链嵌入的交互项对经济韧性的偏效应并不显著,其原因是受到了价值链分工的双重门槛效应影响。在此门槛效应下,随着全球价值链嵌入度的提高,资本约束对经济韧性的正效应逐步被弱化。当前新兴经济体正面临价值链底端锁定问题,价值链参与度与地位指数均处于低水平,在突围被"俘获"与"压榨"的底端价值链的同时,实现经济可持续发展,资本约束将成为重要发力点。
[Abstract]:The effect of capital constraint on economic development has always been the focus of debate in academic circles. In the period of weak economic growth, whether cross-border capital "incantation" is conducive to the realization of economic resilience is an urgent issue to be studied. Based on the perspective of global value chain, this paper empirically examines the impact of capital constraint policies on the realization of economic resilience in 32 emerging economies, and deconstructs the threshold effects embedded in global value chains. It is found that the partial effect of the interaction between capital constraints and global value chains on economic resilience is not significant because of the double threshold effect of value chain division. Under this threshold effect, the positive effect of capital constraint on economic toughness is gradually weakened with the increase of global value chain embeddedness. At present, emerging economies are facing the problem of locking the bottom of the value chain. The participation and status index of the value chain are both at a low level. While breaking through the value chain at the bottom of the value chain that has been "captured" and "squeezed", the emerging economies are realizing sustainable economic development. Capital constraint will become an important starting point.
【作者单位】：石河子大学经济与管理学院;
【基金】：国家自然科学基金面上项目“中国利率、汇率与央行资产负债及货币供应之间的交互影响:实证分析与政策意涵(项目编号:71373187)” 中国博士后特别资助项目“金融经济周期视角下的金融冲击识别与金融稳定政策研究(项目编号:2016T90645)”的阶段性研究成果
【分类号】：F113

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