国际资本流动与跨期消费模式：基于中美两国跨期贸易模型的启示

International Capital Flows and Intertemporal Con- sumptions: Implication from Intertemporal Trade Models of U.S. and China

基于中美两国跨期贸易模型的分析与检验结果说明,美国是偏好现在消费的国家,中国是偏好未来消费的国家。中国与美国存在互利的跨期交易,中国出口现在产品交换未来产品是推迟消费模式,美国出口未来产品交换现在产品是提前消费模式。仍然蔓延未散的美国经济危机,自然会对中美跨期消费模式的持续性产生冲击。中国要减少美国经济危机的冲击,应从调整跨期消费偏好入手,重点做好有利于提升当前消费的制度创新。

The two-country intertemporal model suggests that consumption should have a significant impact on a country＇s current account deficit. There is a mutual benefit of intertemporal trade between US and China in which China exports present goods for future goods from US. Recently, due to the turmoil of world economy, US＇ s consumption demand for goods slowed down, which affected the intertemporal trade between the two countries. China should adjust the intertemporal consumption preference, among others, institutional innovation that is conducive to boosting current consumption.