摘要
本文引入两类分析一国金融市场对外开放程度的模型:基于投资与储蓄关系的F-H条件模型和基于利率平价理论的利率平价条件模型,并结合中国的实际情况,选取美国、日本、巴西等具有代表性的国家,以这两个模型作为实证模型分别研究这四个国家的金融市场对外开放程度。从实证分析的结果看,与其他三个国家相比,中国金融市场对外开放程度仍然较低,其原因在于资本市场的管制程度较高,国内利率还无法与国际市场建立较强的关联性等。
This paper introduces two models regarding the openness of financial markets: the F-H model based on the relationship between investment and savings, and the interest rate parity condition model based on the uncovered interest rate parity theory. With data from China and other countries such as the United States, Japan, Brazil, we use these two empirical models to research the openness of the four countries' financial markets. Our results show that the openness of China's financial market is still relatively low compared with the other three countries. This is because that the capital market is more rigorously controlled in China and that China's interest rates are weakly linked international market.
出处
《当代经济科学》
CSSCI
北大核心
2009年第3期48-55,共8页
Modern Economic Science
