本文選題：資本項目開放 + 資本流入與流出　； 參考：《經(jīng)濟評論》2016年01期

【摘要】：利用91個國家1995-2005年度關(guān)于資本項目開放指數(shù)的面板數(shù)據(jù),本文研究了資本項目流入開放與流出開放對通貨膨脹率的影響。研究發(fā)現(xiàn),資本項目流入開放能夠提高通貨膨脹率,但結(jié)果并不穩(wěn)健;流出開放能夠顯著降低通貨膨脹率10個百分點左右。并且,本文從投資需求和貨幣政策兩個方面驗證了資本項目開放對通貨膨脹率的影響機制,結(jié)果顯示,流入開放和流出開放對投資率沒有顯著影響;流入開放和流出開放在固定匯率制國家對通貨膨脹率影響顯著,但在浮動匯率制國家效果不顯著。這表明資本項目開放對通貨膨脹的影響機制主要通過貨幣政策效應(yīng),并且流出開放的約束效應(yīng)使得資本項目開放與通貨膨脹呈現(xiàn)負向關(guān)系。本文研究結(jié)果提供了關(guān)于資本項目開放對通貨膨脹率影響機制新的證據(jù)。
[Abstract]:Based on the panel data on the capital account opening index in 91 countries from 1995 to 2005, this paper studies the impact of capital account opening and capital account opening on the inflation rate. The study found that the opening of capital account inflow can increase inflation rate, but the results are not steady; the outflow liberalization can significantly reduce inflation rate by about 10 percentage points. Moreover, this paper verifies the influence mechanism of capital account opening on inflation rate from two aspects of investment demand and monetary policy. The results show that the opening of inflow and outflow has no significant effect on the investment rate. The effect of inflow opening and outflow opening on inflation rate is significant in countries with fixed exchange rate system, but not in floating exchange rate countries. This indicates that the influence mechanism of capital account opening on inflation is mainly through the monetary policy effect, and the constraint effect of outflow opening makes the capital account opening and inflation showing a negative relationship. The results of this study provide new evidence on the impact mechanism of capital account opening on inflation rate.
【作者單位】： 北京大學光華管理學院;北京大學國家發(fā)展研究院;
【基金】：北京大學新結(jié)構(gòu)經(jīng)濟學專項研究基金資助
【分類號】：F832.6

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本文編號：2050498