法律制度、资本流动与国际收支失衡--基于法与金融学的视角

Law,Capital Flow and Global Imbalance:from the Perspective of Law and Finance

本文通过对48个国家(地区)国际收支平衡表两个账户顺差、逆差年份的均值检验发现:普通法系和大陆法系国家在国际收支表现上存在显著的差异。普通法系国家更多地表现为资本账户顺差和经常账户逆差,而大陆法系国家正好相反。作者认为法律制度由于影响到国际间资本流动,从而它是造成国际收支失衡的原因之一。法律不仅通过影响一国金融市场发展程度从而作用于国际资本流动,同时它本身就是一个影响资本流动的独立因素。

By comparisons of 48 countries （regions）, we find that there is great difference between common law and civil law countries in the statement for balance of payments. Law can be seen as one of factors for the global imbalance in some sense because it can affect international capital flow. Different law origin can affect the development level of financial market, and a developed financial market is a key to attracting large international capital inflows for a country. Besides, law is an independent element affecting capital flow.