摘要
国际资本流动不仅与金融危机相关联,而且影响一国经济金融政策。在回顾对国际资本流动影响因素已有研究的基础上,本文对1982-2004年间中国国际资本流动进行了统计描述,并构建了分析中国国际资本流入决定因素的回归模型。
Based on the literature review, this paper examines the forces driving capital inflows in China in the period of 1982-2004. The results of regression analysis indicate that in China （1） both shortterm capital inflows and portfolio investment inflow were not explained by interest rates; （2） short - term capital inflow, particularly portfolio investment inflow shown higher volatile than that of long - term capital inflow and FDI ; （ 3 ） history and trends of those independent variables were more important to explain the capital inflows. Some policy implications were presented based on the discussion of empirical evidence. This study supports the arguments that internal or ＂pull＂ factors were main determinants of capital inflows in the period in China.
出处
《金融研究》
CSSCI
北大核心
2007年第03A期62-70,共9页
Journal of Financial Research
关键词
国际资本流动
资本项目
金融项目
International capital flows, capital account, financial account
