新型国际分工、国际收支失衡与金融创新

New International Division,Global Imbalances and Financial Innovation

在20世纪90年代以后,世界上主要国家的国际收支失衡得到了非常广泛的关注。很多学者认为金融发展包括金融一体化、金融深化和国家之间的金融异质性是这次失衡得以持续的重要原因。本文认为金融创新作为金融发展的动力或源泉促进了国家在制造业和金融业的分工。具有金融业比较优势的国家容易产生经常项目的赤字,具有制造业比较优势的国家容易产生经常项目的盈余。全球数据的检验结果进一步验证了国际分工对全球国际收支失衡的影响。

Global imbalances after 1990s in major countries have received wide attention.Many scholars believe that financial development including financial integration,financial deepening and financial heterogeneity among countries is an important reason for the sus-tained imbalances.This paper argues that financial innovation as the driving force or the source of financial development promotes the division between manufacturing sector and financial sector in different countries.Countries which have advantages in financial sector are likely to produce current account deficit while countries which have advantages in manu-facturing sector are likely to produce current account surplus.Testing results of global data further prove the impact of international division on global imbalances.