金融异质性、金融调整渠道与中国外部失衡短期波动——基于G20国家数据的门限效应分析

被引：11

作者：

刘威

黄晓琪

郭小波

机构：

[1] 武汉大学经济与管理学院

来源：

金融研究 | 2017年 / 07期

关键词：

金融渠道; 金融异质性; 失衡短期波动; 门限效应;

D O I：

暂无

中图分类号：

F832.6 [汇兑、对外金融关系];

学科分类号：

摘要：

本文基于Hansen提出的面板门限回归模型,在构造包括经常项目和资本项目差额的短期外部失衡指标基础上,利用G20国家面板数据从国家间金融异质性视角检验了金融渠道调节外部失衡的非线性影响,结果发现:代表金融市场结构差异的国内私营部门银行信贷/GDP、权益证券组合投资净流入/GDP和银行贷存比指标,及代表金融干预水平差异的总储备资产/GDP指标,会使金融渠道调节失衡产生门限效应,而代表金融开放度的指标在短期内门限效应不显著。这也是导致中美两国金融渠道调节失衡效果出现差异的原因之一。中国应通过调整金融市场结构、降低对银行间接融资依赖、提升对外投资收益率、在保证充足调控能力基础上适当减少官方储备等,提升金融渠道调节外部失衡效用。

引用

页码：29 / 44

页数：16

共 20 条

[11] Does financial openness explain the increase of global imbalances before the crisis of 2008?[J] . Jamel Saadaoui.International Economics . 2015
[12] International currency exposures, valuation effects and the global financial crisis[J] . Agustin S. Bénétrix,Philip R. Lane,Jay C. Shambaugh.Journal of International Economics . 2015
[13] The financial crisis and the geography of wealth transfers
Gourinchas, Pierre-Olivier
Rey, Helene
Truempler, Kai
[J]. JOURNAL OF INTERNATIONAL ECONOMICS, 2012, 88 (02) : 266 - 283
[14] Financial Integration, Financial Development, and Global Imbalances[J] . Enrique G. Mendoza,Vincenzo Quadrini,José‐Víctor Ríos‐Rull.Journal of Political Economy . 2009 (3)
[15] An equilibrium model of "Global Imbalances" and low interest rates
Caballero, Ricardo J.
Farhi, Emmanuel
Gourinchas, Pierre-Olivier
[J]. AMERICAN ECONOMIC REVIEW, 2008, 98 (01) : 358 - 393
[16] International financial adjustment
Gourinchas, Pierre-Olivier
Rey, Helene
[J]. JOURNAL OF POLITICAL ECONOMY, 2007, 115 (04) : 665 - 703
[17] The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970–2004[J] . Philip R. Lane,Gian Maria Milesi-Ferretti.Journal of International Economics . 2007 (2)
[18] What matters for financial development? Capital controls, institutions, and interactions[J] . Menzie D. Chinn,Hiro Ito.Journal of Development Economics . 2005 (1)
[19] Threshold effects in non-dynamic panels: Estimation, testing, and inference[J] . Bruce E. Hansen.Journal of Econometrics . 1999 (2)
[20] The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect[J] . Journal of Political Economy . 1983 (1)

← 1 2 →