摘要
在经济全球化背景下,资本跨国流动越来越频繁,尤其对新兴市场国家来说,资本跨国流入不仅可以促进经济增长,还会产生技术溢出、知识溢出等效应。然而,近年来由于国际金融形势复杂,资本异常流动现象凸显,成为制约新兴市场国家发展的障碍。选取1988-2013年93个新兴市场国家为样本,对资本流动异常现象影响因素进行分析,结果发现:总体而言国内经济环境对资本外逃和资本回流影响较大,资本激增和资本突停对国际经济环境的反应更为敏感;证券资本流动异常更多是受国际因素影响,而FDI流动异常更多是受国内外经济基本面因素变化的影响。
Under the background of globalization, cross-border capital flow becomes more and more frequently, especially for emerging market countries, capital inflow can not only promote economic growth, but also produce technology and knowledge spillover effect. However, in recent years, due to the complex international financial situation, abnormal capital flow has become an obstacle to the development of emerging market countries. By selecting 93 emerging market countries from 1988 to 2013 as the samples, the influencing factors of abnormal capital flows are analyzed. The results show that, overall, the domestic economic environment has a greater impact on capital flight or return, and capital surge or sudden stop is more sensitive to the international economic environment. Abnormal flow of security capital is much influenced by international factors, and FDI flows are much affected by changes in domestic and foreign economic fundamentals.
出处
《经济与管理评论》
CSSCI
2017年第6期84-94,共11页
Review of Economy and Management
基金
国家社会科学基金重点项目"我国合意的跨境资本流量区间测算及管控政策研究"(项目编号:16AJY026)的阶段性成果
关键词
新兴市场国家
资本外逃
资本激增
资本突停
Emerging market countries
Capital flight
Capital surge
Capital sudden stop
