东亚区域金融一体化动因与阻力分析被引量：11

导出

摘要本文使用东亚8个投资国和9个东道国2001～2010年双边权益类与债券类资产组合投资头寸数据，采用金融资产交易引力模型的分析框架，探讨了东亚区域金融一体化的动因与阻力。研究结果表明：相对于全球金融资产交易额来说，东亚经济体并没有更多地持有本区域的金融资产；东亚经济体双边金融资产头寸的影响因素很大程度上与引力模型理论相背离，双边贸易是东亚金融一体化最主要的驱动因素：东亚国家之间的政治冲突、交易币种的选择是阻碍区域金融一体化进程的重要原因。

作者王伟杨娇辉孙大超

机构地区中山大学岭南学院中山大学国际商学院南开大学经济学院金融学系

出处《世界经济》 CSSCI 北大核心 2013年第8期54-83,共30页 The Journal of World Economy

基金教育部重大攻关项目(09JZD0016 11JZD022) 教育部重点研究基地重大项目(2009JJD790027) 教育部人文社科青年项目(11YJC790171) 教育部新世纪优秀人才支持计划"人民币汇率形成机制改革研究"的资助

关键词东亚经济体区域金融一体化引力模型政治冲突

分类号 F831 [经济管理—金融学]

引文网络
相关文献

参考文献42

1范小云,王伟,肖立晟.权益类国际资产组合投资的引力模型分析[J].世界经济,2012,35(7):42-66. 被引量：24
2李坤望,刘健.金融发展如何影响双边股权资本流动[J].世界经济,2012,35(8):22-39. 被引量：25
3王燕之.东亚区域金融合作的现状及前景[J].中国金融,2003(1):47-48. 被引量：8
4王子先.欧元与东亚区域金融合作[J].世界经济,2000,23(3):70-72. 被引量：41
5Aizenman , Joshua; Chinn, M. D and ho, Hiro. " Assessing the Emerging Globa| Financial Architecture: Measuring the Trilemma's Configurations over Time. " NBER Working Paper 14533, 2008.
6Aviat, Antonin and Coeurdacier, Nicolas . "The Geography of Trade in Goods and Asset Holdings. " Journal of International Economies, 2007, 71, pp.22-51.
7B6nassy-Qu6r6, A. ; Coupet, M. and Mayer, T. " Institutional Determinants of Foreign Direct Investment. " World Economy, 2007, 30(5), pp. 764-782.
8Benigno, Pierpaolo and Nisticb, Salvatore. "International Portfolio Allocation under Model Uncertainty. " Amer- ican Economic Journal: Macroeconomics, 2012, 4(1), pp. 144-189.
9Borensztein, Eduardo and Loungani, Prakash. "Asian Financial Integration: Trends and Interruptions. " 1MF Working Paper, WP/ll/4, 2011.
10Caballero, R.J. ; Farhi, E. and Gourinchas, P.O. "An Equilibrium Model of ' Global Imbalances' and Low Interest Rates. " American Economic Review,2008,98(1) ,pp. 358-393.

二级参考文献35

1Alfaro, L. ; Kalemli-Ozcan, S. and Volosovych, V. "Why Doesn't Capital Flow from Rich to Poor Countries: an Empirical Investigation. " NBER Working Paper, 2005, No. 11901.
2Ammer, J. ; Holland, S. ; Smith, D. and Wamock, F. "U. S. International Equity Investment. " Federal Reserve System Intemational Finance Discussion Papers, 2012, No. 1044.
3Aviat, A. and Coeurdaeier, N. "The Geography of Trade in Goods and Asset Holdings. " Journal of International Economics, 2007, 71 ( 1 ), pp. 22-51.
4Baltagi, H. and Chang, Y. "Incomplete Panels: A comparative Study of Alternative Estimators for the Unbalancod One-way Error Component Regression Model. " Journal of Econometrics, 1994, 62(2), pp. 67-89.
5Beck,T. ;Demirguc-Kunt, A. and Levine, R. "Financial Institutions and Markets across Countries and Over Time Data and Analysis. " World Bank Policy Research Working Paper, 2009, No. 4943.
6Buch,C. "Are Banks Different? Evidence from International Data. " International Finance, 2002, 5(1), pp. 97-114.
7Chinn, M. D. and Ito, H. "A New Measure of Financial Openness. " Journal of Comparative Policy Analy- sis: Research and Practice, 2008, 10(3), pp. 309-322.
8Dahlquist, M. ;Pinkowitz, L. and Stulz, M. "Corporate Governance and the Home Bias. " Journal of Financial and Quantitative Analysis, 2002, 38, (1), pp. 87-110.
9Daude, C. and Stein,E. "The Quality of Institutions and Foreign Direct Investment. " Economics & Politics, 2007, 19(3), pp. 317-344.
10Forbes, K. J. "Why do Foreigners Invest in the United State. " Journal of International Economics, 2010, 80 (1), pp. 3-21.