东亚金融一体化决定因素的实证分析

Empirical Analysis on the Determinants of Financial Integration in East Asia

文章利用1980～2003年东亚国家（或地区）的相关数据，通过构造面板数据模型分析了决定金融一体化程度的因素。实证结果表明，在决定金融一体化的各种因素中，最主要的是消费占GDP的比重、贸易开放度、经常账户余额占GDP的比重和流动负债占GDP的比重。东亚应继续加快各个自由贸易区的建设，加强银行体系和股票市场的改革和发展，同时采取与经济增长和宏观经济形势相适应的开放政策。

The paper analyses the determinants of financial integration by constructing a panel data model and using the 1980 - 2003 data of East Asian countries （or regions）. The authors find that among the determinants of financial integration, the most important ones are： consumption/GDP, trade openness, current account balance/GDP, liquid liability/GDP, Therefore, East Asia should speed up the construction of free trade zones, strengthen the reforms and development of banking system and stock market and adopt the opening up policy suitable for the economic growth and macroeconomic situation.