摘要
传统外部脆弱性理论认为,经常账户持续性逆差产生的净资本流入是一国外部脆弱性的主要来源。然而,随着各国金融深化水平的提升,跨境资产配置产生的总资本流动对经济体外部脆弱性的影响越来越显著。全球金融危机后,学界开始重视对总资本流动的理论分析与实证检验,并将总资本流动管理纳入金融监管框架之中。针对总资本流动的研究不仅丰富了人们对于外部脆弱性的认识,而且对一国宏观经济政策的制定具有指导作用。本文试图系统评述总资本流动的最新研究进展,从动态特征、驱动因素以及政策应对等方面对现有文献进行系统梳理,详细探讨关于总资本流动的研究热点与主要争论,以期为关注宏观金融风险防范和危机预警的国内外学者提供新的研究视角。
Traditional theory of external vulnerability holds that the source of a country＇s external vulnerability comes from imbalance of current account. However, in line with the rapid rise of the level of global financial deepening, the impact of gross capital flow resulting from cross border asset purchases and sales to the external vulnerability of a country becomes more and more significant. After the global financial crisis, many scholars begins to focus on the dynamic characteristics, driving forces and economic impact of gross capital flows, and they include gross capital flow into the regulation system of a country. This line of research has greatly changed people＇s understanding of the external vulnerability theory. This paper at- tempts to give a systematic review of the latest progress of the research on gross capital flow, and to offer a new research oersoective for scholars who are interested in macro-financial risk and crisis warninz.
出处
《国际金融研究》
CSSCI
北大核心
2018年第1期16-24,共9页
Studies of International Finance
关键词
总资本流动
外部脆弱性
金融危机
资本流动管理
Gross Capital Flow
External Vulnerability
Financial Crisis
Capital Flow Management
