摘要
本文基于Hansen(1999)的面板门槛模型,运用60个国家1983-2009年面板数据考察了金融一体化背景下,金融发展与海外净资产之间的非线性关系。实证研究发现,随着金融发展水平的提高,一国的海外净资产呈不断下降趋势,但金融发展对海外净资产的影响表现出明显的门槛特征,当金融发展水平跨越特定的门槛后,金融发展对海外净资产的影响更大。
This paper uses panel data of 60 countries from 1983 to 2009 and adopts the panel threshold model proposed by Hansen （1999） to analyze the nonlinear relationship between financial development and net foreign assets （NFA）. Through the empirical study, it is found that a country＇ s NFA tends to decline with financial development, and the influence of financial development on NFA takes on an obvious threshold effect. The effect of financial development on NFA is larger when financial development surpasses a certain threshold value.
出处
《国际贸易问题》
CSSCI
北大核心
2014年第2期147-155,共9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"FDI
金融发展与全球经济平衡增长"(10JJD790016)
关键词
金融一体化
金融发展
海外净资产
面板门槛模型
Financial integration
Financial development
Net foreign assets
Panel threshold model
