本文選題：流動(dòng)性沖擊 + 國際資本流動(dòng)　； 參考：《華東師范大學(xué)》2013年碩士論文

【摘要】：在過去的十年中,我們見證了發(fā)達(dá)國家以及發(fā)展中國家的國際資本流動(dòng)在規(guī)模和結(jié)構(gòu)上的巨大改變。這篇論文構(gòu)建了一個(gè)簡單的基于兩國的一般均衡框架,來說明一國宏觀政策和經(jīng)濟(jì)結(jié)構(gòu)改變?cè)斐傻娜蛄鲃?dòng)性沖擊對(duì)于國際資本流動(dòng)的影響存在顯著聯(lián)系。實(shí)證方面,我們以中美為背景指出中國的國際資本流動(dòng)如果受到源自美國的流動(dòng)性沖擊,投資者會(huì)傾向安全資產(chǎn),我國資本流動(dòng)的波動(dòng)性會(huì)顯著增大,其程度能夠在公式中得到體現(xiàn)。我們的結(jié)果說明這種沖擊對(duì)于我國國際資本的內(nèi)流和外流具有不同程度的影響,盡管在總流動(dòng)規(guī)模上對(duì)于不同沖擊具有一定的相似性。我們同時(shí)發(fā)現(xiàn),美國短期利率是我國國際資本流動(dòng)波動(dòng)性的重要影響因素。繼而,我們考察國際資本流動(dòng)對(duì)于包括中國在內(nèi)的新興市場(chǎng)經(jīng)濟(jì)體以及發(fā)展中國家經(jīng)濟(jì)增長的影響。我們構(gòu)建的模型框架是基于一國債務(wù)狀況來考察其可實(shí)現(xiàn)的不同經(jīng)濟(jì)均衡。這篇文獻(xiàn)為資本流動(dòng)對(duì)于新興市場(chǎng)經(jīng)濟(jì)體的沖擊提供了定量分析,考察了這種宏觀效應(yīng)是否存在和表現(xiàn)形式以及決定因素。實(shí)證分析方法是基于動(dòng)態(tài)面板數(shù)據(jù)結(jié)構(gòu),我們可以以此發(fā)現(xiàn)國內(nèi)出現(xiàn)率、金融發(fā)展程度、債務(wù)狀況以及其他內(nèi)部因素的作用可以有效避免國際資本流動(dòng)對(duì)于經(jīng)濟(jì)增長波動(dòng)的沖擊。
[Abstract]:Over the past decade, we have witnessed significant changes in the size and structure of international capital flows in both developed and developing countries. This paper constructs a simple general equilibrium framework based on two countries to illustrate that the impact of global liquidity shocks caused by macroeconomic policies and economic structural changes on international capital flows is significantly related. Empirically, we point out that if China's international capital flows are impacted by the liquidity from the United States, investors will tend to be safe assets, and the volatility of China's capital flows will increase significantly. Its degree can be reflected in the formula. Our results show that the impact of this shock on the internal and external flows of international capital in China is of varying degrees, although there are certain similarities in the total flow scale for different shocks. At the same time, we find that American short-term interest rate is an important factor affecting the volatility of China's international capital flows. Then we examine the impact of international capital flows on the growth of emerging market economies, including China, as well as developing countries. Our model framework is based on a country's debt situation to examine the different economic balances that can be achieved. This paper provides a quantitative analysis of the impact of capital flows on emerging market economies and examines the existence and manifestation of this macro effect and its determinants. The empirical analysis method is based on the dynamic panel data structure, we can find the domestic emergence rate, the degree of financial development, The role of debt and other internal factors can effectively avoid the impact of international capital flows on economic growth fluctuations.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F113.7;F831.7

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本文編號(hào)：2104712