东亚金融一体化与消费风险分担的实证研究

Empirical Analysis on East Asia Financial Integration and International Consumption Risk Sharing

本文运用相关性分析和面板数据模型,研究东亚金融一体化进程中国际消费风险分担的水平、动态演进及影响因素,得出金融一体化并未有效推动东亚的国际消费风险分担,其原因与东亚地区金融一体化及贸易开放度较低、金融发展较为滞后、消费平滑的交易成本较高有关。应从发展区域资本市场和借贷市场、完善跨国财政转移支付、提高商品和要素的跨国流动性等方面,完善东亚的国际消费风险分担机制。

The conclusion is that financial integration does not promote risk sharing efficiently because of low financial integration and trade openness,lagged financial development and high consumption smoothing cost.Therefore,the international risk sharing mechanism of East Asia can be improved through developing regional financial market,promoting fiscal transfer payment and enhancing transnational liquidity of goods and production factors.