【摘要】：本文運用59個經(jīng)濟體1994—2011年的跨國面板數(shù)據(jù),采用靜態(tài)面板模型、動態(tài)面板模型和Tobit模型探討了金融發(fā)展對國際資本流動的影響。結果表明,金融發(fā)展是影響國際資本流動的一個重要因素�？傮w而言,金融發(fā)展能顯著促進一國外商直接投資(FDI)和金融資本的流入。進一步地分析表明,金融發(fā)展對發(fā)達經(jīng)濟體和新興市場資本流動的影響存在差異。盡管金融發(fā)展均能促進新興市場和發(fā)達經(jīng)濟體FDI的凈流入,但對發(fā)達經(jīng)濟體的影響大于新興市場。金融發(fā)展水平提高有利于組合股權投資和私人資本流向發(fā)達經(jīng)濟體,但新興市場不完善的金融體系對股權投資和私人資本缺乏吸引力。因此,對廣大新興市場而言,為吸引資本流入以助推經(jīng)濟增長,有針對性地完善金融市場并提高金融發(fā)展水平是一個重要的努力方向。
[Abstract]:Based on the cross-border panel data of 59 economies from 1994 to 2011, this paper discusses the impact of financial development on international capital flows by using static panel model, dynamic panel model and Tobit model. The results show that financial development is an important factor affecting international capital flows. Overall, financial development can significantly promote the inflow of foreign direct investment (FDI) and financial capital in a country. Further analysis shows that there are differences in the impact of financial development on capital flows in developed economies and emerging markets. While both financial developments can boost net inflows of FDI from emerging markets and advanced economies, they have a bigger impact on advanced economies than on emerging markets. A higher level of financial development is conducive to portfolio equity investment and private capital flows to advanced economies, but an imperfect financial system in emerging markets lacks attractiveness to equity investment and private capital. Therefore, in order to attract capital inflow to boost economic growth, it is an important direction to improve the financial market and improve the level of financial development in order to attract capital inflow to the majority of emerging markets.
【作者單位】： 中國社會科學院研究生院;浙江工商大學經(jīng)濟學院;
【基金】：國家社會科學基金項目“中國發(fā)展模式獨特競爭力研究”(13BGJ004)
【分類號】：F831

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