我国国际资本流动性程度和非流动性原因的度量与检验——来自中美日三国消费模式对比的经验证据
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财经研究 2006 年 第 32 卷第 03 期, 页码：84 - 94
摘要
参考文献
摘要
加入WTO以后,我国的国际资本流动性开始有所加强,流动方式也有所改变。文章选择中国、美国和日本的消费和收入数据,在国家之间实际利率均衡的假设下,通过国家消费模式的考察和对比,发现我国的经济运行并不满足国际资本完全流动性假说,其原因既出于我国资本市场与国际资本市场之间存在进入限制,也出于我国资本市场与国际资本市场的非完全整合。这些经验发现表明,我国经济中的名义利率、汇率和资本市场仍然处于有限管制过程中,必须通过深化国内金融体制改革和逐步实现资本市场开放等有力措施来增强我国国际资本的流动性,进而保持我国快速经济增长和提高整体资源配置效率。
关键词
[1]刘金全,邵欣炜.流动性约束与消费行为关系的实证研究[J].管理科学学报,2004,(4):90~94.
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[10]Tesar,L L.Savings,investment and international capital flows[J].Journal of Interna-tional Economics,1991,31:55~78.
[2]刘金全,于惠春.我国固定资产投资和经济增长之间影响关系的实证分析[J].统计研究,2002,(1):26~29.
[3]Campbell,J Y,Mankiw,N G.Permanent income,current income,and consumption[J].Journal of Business and Economic Statistics,1990,8:265~279.
[4]Feldstein,M,Horioka,C.Domestic saving and international capital flows[J].EconomicJournal,1980,90:314~329.
[5]Hall,R E.Stochastic implications of the life cycle-permanent income hypothesis:theoryand evidence[J].Journal of Political Economy,1978,86:971~987.
[6]Mace,B J.Full insurance in the presence of aggregate uncertainty[J].Journal of Politi-cal Economy,1991,99:928~956.
[7]Mishkin,F.Are real interest rates equal across countries?An empirical investigation ofinternational parity conditions[J].Journal of Finance,1984,39:1345~1358.
[8]Moosa,I A.A note on capital mobility[J].Southern Economic Journal,1996,63:248~254.
[9]Obstfeld,M.Are industrial-country consumption risks globally diversified?in Leider-man,L.and Razin,A.eds.,Capital Mobility:The Impact on Consumption,Invest-ment and Growth[M].Cambridge:Cambridge University Press,1994.
[10]Tesar,L L.Savings,investment and international capital flows[J].Journal of Interna-tional Economics,1991,31:55~78.
引用本文
刘金全, 于冬, 张成军. 我国国际资本流动性程度和非流动性原因的度量与检验——来自中美日三国消费模式对比的经验证据[J]. 财经研究, 2006, 32(3): 84–94.
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