摘要
本文从理论和经验上论证了资本市场与国际收支的关系。通过分析18个工业化国家的经验数据得出:一国如果拥有一个发达的资本市场,往往吸引较多的国外资金通过证券投资大量流入,引起资本账户顺差,与之同时往往伴随着经常账户逆差。这一结论的政策含义是:发达的资本市场是一国合理利用外资的一个重要前提;与之同时,发达的资本市场可能是一国国际收支平衡过程中实现自我调节的缓冲器。我国多年来一直保持资本账户巨额顺差,但主要是通过FDI实现的,这种格局的形成也与我国资本市场的缺陷有关。对我国而言,建设一个发达的资本市场对我国国际收支管理有着多方面的积极意义。
This paper researches the relationship between capital market and balance of payments. The panel data of 18 industrial countries reveals that large capital inflows to a country that have developed capital market through portfolio investment, and then causes surplus of capital account and deficit of current account. So, a developed capital market is an important precondition for using foreign capital reasonably in developing country. Moreover, a developed capital market is an automatic stabilizer for realizing the equilibrium of balance of payment. In our country, large capital account surplus is the result of FDI inflows, which relating to the shortage of capital market. So, the construction of a developed capital market is very important for the management of balance of payments.
出处
《国际贸易问题》
CSSCI
北大核心
2009年第5期100-104,共5页
Journal of International Trade
基金
教育部人文社会科学重点研究基地重大项目(项目批准号为2006JJD790005)
浙江财经学院2007年校级重大课题项目(课题编号为2007YJZ21)的研究成果
关键词
资本市场
国际收支
资本账户管制
Capital market
Balance-of-payments
Capital account control
