摘要
本文建立了一个包含内生金融发展的宏观经济模型。该模型说明由于不同类型的外国资本进入一国生产领域的途径不同,对一国金融发展的影响也有所差异。FDI相对于证券投资和借贷能够更直接地促进产出的增长,但会对东道国金融发展产生一定的抑制作用;相反,证券投资和借贷对最终产品生产的影响是间接的,但可以促进东道国金融部门产出的扩张和效率的提升。因此一国国际资本流动的模式决定了该国能够获取的开放收益。只有具备了一定的初始金融发展条件,一国才能更多地从开放中受益。
This paper develops a macroeconomics framework in which financial development is endogenous. The model shows that different types of international financial flows have different impact on the financial development of the host country for the reason that they enter the industrial sector through different channel. FDI can boost output directly but have negative impact on financial sector, impact of portfolio investment and credit inflows on output is indirect, but they have positive impact on the scale and effectiveness of the financial sector. So it is the pattems of international capital flows determine the gains from openness. Further more, the model also shows that the host country＇ s level of financial development determines the patterns of capital flows conversely. A country can＇ t benefit from financial openness unless it reaches the minimal level of financial development.
出处
《国际贸易问题》
CSSCI
北大核心
2010年第9期106-116,共11页
Journal of International Trade
基金
国家社会科学基金资助项目“外贸顺差问题研究--基于金融深化差异的阐释(08BJY117)”的资助,是该项目的阶段性成果
关键词
内生金融发展
国际资本流动模式
发展中国家
经济增长
Endogenous financial development
Patterns of international capital flows
Developing countries
Economic growth
