摘要
金融开放有助入促进资金跨境流动,提高金融市场效率。本文运用Gygli et al.(2019)测度的金融全球化指数作为金融开放的代理指标,使用2001-2017年82个国家的面板数据,研究了金融开放对经常账户失衡的影响。结果发现:金融开放在诸多分位点上均显著负向影响经常账户失衡,在替换金融开放变量,剔除2008年金融危机影响、剔除发达国家样本、纳入滞后一期因变量后结论仍然成立。该结论意味着金融开放对经常账户失衡具有重要影响,我国在构建新发展格局和扩大开放的过程中,需要不断完善资本项目的宏观审慎监管框架,推进人民币汇率市场化改革,以应对高水平对外开放可能带来的风险。
Financial openness helps to accelerate cross-border capital flows and boost efficiency of the financial market.Using panel data for 82 countries over the period from 2001 to 2017 and the financial globalization index which is measured by Gygli et al.(2019)as a proxy of financial openness,this paper examines the effect of financial openness on the current account imbalance.The results of regression show that financial openness is significant negatively effects on the current account imbalance at the most of Quantiles,and robustness after when replaced the variable of financial openness,eliminated the impact of crisis in 2008,removed the developed countries sample and added the lag variable of financial openness into the model.This finding implies that financial openness plays a vital role in the current account imbalance.For China,in the process of opening-up and construct the new development pattern,the government should improve the regulation framework of macro-prudential policy for capital account and put market-based reform of RMB exchange rate advance to deal with the possible risks that arise from a high level of opening-up.
出处
《价格理论与实践》
北大核心
2021年第1期128-131,174,共5页
Price:Theory & Practice
关键词
金融开放
经常账户失衡
金融全球化
金融发展
financial openness
current account imbalance
financial globalization
financial development
