摘要
本文在Feldstein and Horioka(1980)的分析框架下,估计广东省和东亚地区1978-2012年的资本流动程度。研究发现在这期间广东省和东亚地区总体资本流动性很高,大多数东亚国家(地区)呈现较高的资本流动水平,但在亚洲金融危机前后储蓄投资相关性变化差异性很大,广东省、马来西亚、日本和韩国资本流动性逐渐增强,菲律宾呈相反的变化趋势,泰国、印度尼西亚、香港和台湾的储蓄保留率变化不大。随着东亚合作的加深,广东省和东亚地区的资本流动性将得到进一步的增强。
Under the Feldstein and Horioka（1980） analytical framework, this paper estimates the degree of capital mobility of Guangdong Province and East Asia area during 1978-2012. The study finds a high overall capital mobility during this period in Guangdong Province and East Asia area. Most East Asian countries（regions） show a high degree of capital mobility, but the correlation between saving and investment varied widely for those countries and regions around the Asian financial crisis. Guangdong Province, Malaysia, Japan and South Korea gradually experienced increased degree of capital mobility, while the Philippines shows the opposite trend. The saving-retention rate in Thailand, Indonesia, Hong Kong and Taiwan barely changed. With the deepening of cooperation in East Asia, the degree of capital mobility in Guangdong Province and East Asia area will be further enhanced.
出处
《广东外语外贸大学学报》
2015年第1期28-34,43,共8页
Journal of Guangdong University of Foreign Studies
基金
国家自然科学基金青年项目"中国家庭消费风险分担的实证衡量
福利影响与政策研究"(71403061)的阶段性成果
关键词
资本流动性
资本市场融合
广东
东亚
Capital mobility
Capital market integration
Guangdong Province
East Asia
