期刊文献+

经济全球化视角的金融结构变迁研究 被引量:12

A Research on Transition of Finance Structure in Terms of Economic Globalization
下载PDF
导出
摘要 本文首先提出经济全球化条件下金融结构变迁的趋势,即各国金融结构越来越趋向以金融市场为主导,并通过建立金融结构指数对由25个国家组成的样本进行实证检验,发现20世纪80年代以来各国的金融结构指数明显增长,从而证实此趋势的存在。其次,从经济全球化的角度对金融结构变化趋势的原因和机理进行分析,认为全球投资组合收益率提高是导致金融结构变迁的主要原因。最后,指出金融结构变迁带来的负面影响,认为全球金融风险的传递可能加剧。 The thesis firstly proposed the transition of finance structure under the condition of economic globalization, namely finance structure were being dominated by financial markets but not by bank intermediary in most nations. The thesis set up finance structure index to make positive analysis according to sample containing 25 countries with the result that index had increased since 1980 in most nations which proved proposal mentioned above. Secondly, the thesis analyzed cause and mechanism in transition of finance structure in terms of economic globalization, and the main viewpoint was that transition of international finance structure was mainly due to the increasing yield of global investment portfolio. Finally, the negative result should not be neglected during the transition, which the contagious effect of global finance risk could be aggravated.
作者 史龙祥 马宇
出处 《世界经济研究》 CSSCI 北大核心 2007年第6期30-37,共8页 World Economy Studies
基金 2005年上海高校选拔培养优秀青年教师科研专项基金资助 项目编号:0123-02。
  • 相关文献

参考文献19

  • 1Allen, F. and D. Gale. Comparing Financial Systems. Cambridge, MA: MIT Press,1999.
  • 2Andreas Haekethal (2000). How Unique Are US Banks.? The Role of Banks in Five Major Financial Systems. ISSN1434- 3401.
  • 3Anusha Chari and Peter Blair Henry. Risk sharing and Asset Prices:Evidence From A Natural Experiment. Working Paper 8988, http ://www. nber. org/papers/w8988.2002.
  • 4Asli Demirguc-Kunt, Ross Levine.银行主导型和市场主导型金融体系:跨国比较.北京奥尔多投资研究中心主编.金融系统演变考,中国财政经济出版社,2002:57—107.
  • 5Errunza, Vihang, Etienne Losq. International Asset Pricing under Mild Segmentation: Theory and Test. Journal of Finance, 1985,40( 1 ) :105-24.
  • 6Joost Driessen and Luc Laeven . The Value of International Portfolio Diversification. Globalization and National Financial Systems, Edited by James A. Hanson, Patrick Honohan and Giovanni Majnoni, A copublication of the World Bank and Oxford University Press,2003.
  • 7Kim, W. , Wei Shang-jin. Foreign portfolio invests before and during a crisis. NBER Working Paper, 1999,6968.
  • 8Levine, Ross. Bank-Based or Market-Based Financial Systems: Which Is Better. University of Minnesota mimeo, 2000b.
  • 9Raymond. W. Goldsmith. Financial Structure and Development[M]. Yale University Press,1969.
  • 10Tomas Dvorak. Does foreign trading destabilize local stock markets. Table1 , http//lanfiles. Williams. edu,2001.

二级参考文献12

  • 1Frankel, J., and S. Schmukler, 1996, "Country fund discount,asymmetry information, and the Mexican crisis of 1994: Did local residents turn pessimistic before international investors?" NBER Working Paper.No. 5714.
  • 2Frankel, J., and S. Schmukler, 1998, "Crisis, contagion, and country funds: effects on East Asia and Latin America," in R. Glick ed.,Managing Capital Flow and Exchange Rate, Cambridge University Press.
  • 3Friedman, M., 1953, "The case for flexible exchange rates," in M. Friedman ed., Essays in Positive Economics, University of Chicago Press.
  • 4Froot, K., P. O' Connell, and M. Seasholes, 1998, "The portfolio flows of international investors," Harvard Business School Working Paper.
  • 5Kaminsky, G., R. Lyons, and S. Schmukler, 2000, "Managers,investors, and crises: Mutual fund strategies in emerging markets," NBER Working Paper, No. 7855.
  • 6Kaminsky, G., R. Lyons, and S. Schmukler, 2001, "Mutual fund investment in emerging markets: An overview," mimeo.
  • 7Kim, W., and Wei Shang -jin, 1999, "Foreign portfolio investors before and during a crisis," NBER Working Paper, No. 6968.
  • 8World Bank, 1997, "Private capital flows to developing countries,"World Bank Policy Research Report.
  • 9Xu, Shawn, and Qian Xiao, 2002, "Asia - Pacific Economics:H-A for Hoarding and Arbitrage," China International Capital Corporation.
  • 10理论上,如果资本是完全自由流动的,两个市场间的套利活动(arbitrage)将使基金的净资产值等于其交易价格.但实际上,资本并非完全自由流动,套利也有成本,因而两个市场价格即使长期趋于一致,短期内也不一定相等.

共引文献21

同被引文献154

引证文献12

二级引证文献45

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部