摘要
本文以金融发展的跨国差异为基本前提,通过建立包含资本中间品生产的宏观经济框架,分析了金融发展在国际分工模式形成过程中的作用和不同分工模式对全球贸易失衡的影响。根据模型可以得到两个基本结论:第一,金融发展差异是贸易产生的重要原因,金融发展差异提高通过加大相对价格差异提高了贸易量,但贸易收支是平衡的;第二,给定贸易与对外直接投资的成本形态,一旦金融发展水平超过某一特定临界值,国家间的分工就会由传统的水平分工转化为产品内垂直分工,贸易不平衡随之产生并逐渐扩大。利用分行业贸易数据对模型进行检验后认为模型具有合理性。
On the basis of cross-country heterogeneity of financial development,we introduce capital intermediate goods production into neoclassical macro-framework to analyze the role of financial development in the foundation of specialization and the impact of specialization patterns on global trade imbalance.We argue that,on the one hand,financial heterogeneity can cause trade flows,the trade volumn will be bigger if the financial development gap is bigger,but the current account remains balanced,on the other hand,given the form of trade and foreign direct investment cost,once financial development gap surpass a specific threshold,vertical specialization will then take the place of horizontal one,trade imbalance appears and gradually expand.Empirical analysis using industry level data shows that our model is justified.
出处
《世界经济研究》
CSSCI
北大核心
2011年第3期21-27,87,共7页
World Economy Studies
基金
国家社科基金项目"外贸顺差问题研究--基于金融深化差异的阐释"的阶段性成果(项目编号:08BJY117)
