金融自由化、非對稱調(diào)整與新興市場的金融危機(jī)
發(fā)布時間:2018-03-16 06:07
本文選題:非對稱調(diào)整 切入點:負(fù)產(chǎn)出效應(yīng) 出處:《當(dāng)代經(jīng)濟(jì)科學(xué)》2010年02期 論文類型:期刊論文
【摘要】:"二戰(zhàn)"后,新興市場經(jīng)濟(jì)(EMS)也存在廣泛的金融抑制。抑制政策可能有短期增長效應(yīng);但本文理論模型顯示,長期內(nèi),競爭機(jī)制會耗散金融租金,EMS實際增長率低于有保障和自然的增長率。70年代末期以來,EMS放松了金融規(guī)制。因價格調(diào)整快于數(shù)量調(diào)整、金融市場調(diào)整快于產(chǎn)品和勞動力市場,金融自由化產(chǎn)生負(fù)產(chǎn)出效應(yīng)。負(fù)產(chǎn)出是基本的風(fēng)險源。來自于金融、實際部門的任何沖擊以及制度與政策失靈,都可能引發(fā)金融危機(jī)。抑制程度越深,負(fù)產(chǎn)出效應(yīng)越大,人均產(chǎn)出越低,自由化過程中發(fā)生金融危機(jī)的概率也越大。本文使用25個國家1980~2001年的數(shù)據(jù),以二元選擇模型對上述假說進(jìn)行實證檢驗。
[Abstract]:After World War II, emerging market economies (EMS) also exist widely. Financial repression policy may have short-term growth inhibitory effect; but the theoretical model shows that in the long term, the competition mechanism will be dissipated financial rent, since the real EMS growth rate is lower than the security and the natural growth rate of.70 EMS in the late 1990s, the loosening of financial regulation because of the price adjustment. Faster than the number of adjustment, adjustment of financial market faster than the products and labor market, financial liberalization has a negative output effect. The negative output is the basic source of risk. From the financial sector and the actual impact, any system and policy failure, may cause the financial crisis. The degree of inhibition is more deep, negative output the larger the effect of per capita output, lower probability of occurrence of financial crisis in the process of the 25 countries. In this paper, using 1980~2001 years of data, an empirical test of the hypothesis to two yuan model.
【作者單位】: 暨南大學(xué);華南農(nóng)業(yè)大學(xué)經(jīng)濟(jì)管理學(xué)院;
【基金】:“國際金融危機(jī)、損失承擔(dān)非對稱性與農(nóng)民相對貧困惡化”,廣東省哲學(xué)社會科學(xué)“十一五”規(guī)劃2009年度一般項目(編號:09E-14)
【分類號】:F830;F224
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