【摘要】：本文運(yùn)用59個(gè)經(jīng)濟(jì)體1994—2011年的跨國(guó)面板數(shù)據(jù),采用靜態(tài)面板模型、動(dòng)態(tài)面板模型和Tobit模型探討了金融發(fā)展對(duì)國(guó)際資本流動(dòng)的影響。結(jié)果表明,金融發(fā)展是影響國(guó)際資本流動(dòng)的一個(gè)重要因素�？傮w而言,金融發(fā)展能顯著促進(jìn)一國(guó)外商直接投資(FDI)和金融資本的流入。進(jìn)一步地分析表明,金融發(fā)展對(duì)發(fā)達(dá)經(jīng)濟(jì)體和新興市場(chǎng)資本流動(dòng)的影響存在差異。盡管金融發(fā)展均能促進(jìn)新興市場(chǎng)和發(fā)達(dá)經(jīng)濟(jì)體FDI的凈流入,但對(duì)發(fā)達(dá)經(jīng)濟(jì)體的影響大于新興市場(chǎng)。金融發(fā)展水平提高有利于組合股權(quán)投資和私人資本流向發(fā)達(dá)經(jīng)濟(jì)體,但新興市場(chǎng)不完善的金融體系對(duì)股權(quán)投資和私人資本缺乏吸引力。因此,對(duì)廣大新興市場(chǎng)而言,為吸引資本流入以助推經(jīng)濟(jì)增長(zhǎng),有針對(duì)性地完善金融市場(chǎng)并提高金融發(fā)展水平是一個(gè)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(guó)社會(huì)科學(xué)院研究生院;浙江工商大學(xué)經(jīng)濟(jì)學(xué)院;
【基金】：國(guó)家社會(huì)科學(xué)基金項(xiàng)目“中國(guó)發(fā)展模式獨(dú)特競(jìng)爭(zhēng)力研究”(13BGJ004)
【分類號(hào)】：F831

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