蒙代尔-弗莱明模型中的资本流动性及其财政政策影响

On the Capital Mobility in Mundell——Fleming Model andIts Effect on Financial Policy

本文从国际收支均衡BP曲线斜率及与国内货币均衡LM曲线斜率的比较角度,将蒙代尔———弗莱明模型中的资本流动性分为资本完全不流动、低资本流动、高资本流动与资本完全流动四种类型,并以固定汇率制下的财政扩张政策为例,考察资本流动性对宏观政策的影响,认为财政扩张在不同的资本流动性下,引起的国际收支变化方向与程度不同,资本流动性越高,财政扩张导致的收支顺差越大,固定汇率制下政府对外汇市场的反向干预使产出放大效应越大。

This paper classifies the capital mobility in Mundell—Fleming Model into four types: complete non-mobility, low mobility, high mobility and complete mobility from the comparison of slope of the BP carve expressing the balance of payment with that of LM carve expressing equilibrium of monetary market. Through the example of expansive financial policy, the author studies the effect of capital mobility on macroeconomic policy and argues that the same expansive financial policy under different capital mobility will cause different changing orientation and extent of Balance of Payment. That is, the higher the capital mobility is, the bigger balance of payment surplus caused by expansive financial policy will be, and the greater effect of product expending because of the government's intervention into economy under the fixed exchange system will be.