摘要
文章基于跨境投资视角测度中国2000~2017年29省时变权重的区域投资实际有效汇率(RIREER),并将汇率、FDI与经济增长纳入同一分析框架构建理论模型。在此基础上,从汇率水平和波动两维度深入考察经由FDI渠道对区域经济增长的影响。研究结果表明,RIREER升值有助于吸引FDI,进而对东道国(地区)经济扩张产生积极作用,该积极作用在沿海地区效果更为显著,拉大了沿海与内陆经济增长差距,但RIREER升值对FDI的边际吸引力递减。RIREER波动导致FDI流出,对东道国(地区)经济产生负向冲击,该负向经济冲击对沿海地区影响更为明显,缩小了沿海与内陆经济增长差距,但汇率风险增大引发FDI流出的边际作用递减。
Based on the cross-border investment perspective,this paper measures the regional investment real effective exchange rate(RIREER) of 29 provinces in China from 2000 to 2017 with time-varying weight firstly. Then the paper constructs a theoretical model by integrating exchange rate,FDI and economic growth into the same analytical framework. At last,from the two dimensions of exchange rate level and fluctuation,this paper makes an in-depth study of RIREER’ s influence on regional economic growth through FDI channels. The results show that:( 1) The appreciation of RIREER is helpful to attract FDI,which has a positive effect on the economic expansion of the host region. This effect is more significant in coastal areas so that it widens the economic growth gap between the coastal and inland regions. However,the marginal attraction of the appreciation of RIREER to FDI is decreasing.( 2) The fluctuation of RIREER leads to the outflow of FDI,which has a negative impact on the economy of the host regions. The negative impact on the coastal area is more prominent,thus reducing the economic growth gap between the coastal area and the inland regions. But the increase of exchange rate risk leads to the decrease of the marginal effect of FDI outflow.
出处
《世界经济研究》
CSSCI
北大核心
2020年第4期3-16,45,M0002,共16页
World Economy Studies
基金
教育部人文社会科学重点研究基地项目“全球金融市场联动与中国经济增长”(项目编号:16JJD790011)。
