摘要
在异质企业模型基础上,分析了金融发展对国际贸易的影响。结果表明,金融发展与出口贸易之间存在倒U型关系;当一国金融发展水平低于临界值时,金融发展会降低融资成本,促进出口贸易;而高于临界值时,金融发展会引起贸易成本的变化,从而导致企业对外直接投资(ODI)会替代出口,此时金融发展会减少出口贸易。进一步利用国际面板数据,利用实证方法证实了商品出口贸易与金融发展之间存在倒U型关系,ODI对出口有显著替代作用,金融发展会降低一国的贸易盈余,甚至引起国际收支逆差。
In this paper, the heterogeneous firm model is used to analyze influence of the financial de- velopment on international trade. Financial development will affect export in an inverted U - shape manner. When a country is at lower financial development level, further advancement of financial system will boost export. However, when the economy＇s financial system is developed enough to a certain level, further fi- nancial system improvement will no longer boost export significantly. International data proves that export and financial development have inverted U -shape relationship, ODI has obvious substitution effect on ex- port, and financial development can decrease a nation＇s trade surplus and even lead to international trade deficit.
作者
刘钻石
张娟
LIU ZuanShi ZHANG Juan(School of Business, East China University of Science and Technology, Shanghai 200237 Institute of International Business, Shanghai University of International Business and Economics, Shanghai 200336)
出处
《财贸研究》
CSSCI
北大核心
2017年第8期33-43,共11页
Finance and Trade Research
基金
国家社会科学基金项目"世界经济失衡原因与再平衡途径研究"(11CGJ012)
中国-中东欧国家关系研究基金项目"中欧发展战略对接在中东欧地区的实践与思考"(KT201710)
关键词
金融发展
出口替代
对外直接投资
贸易失衡
financial development
export substitution
foreign direct investment
trade imbalance
