金融发展对经常项目失衡影响的实证研究

An Empirical Study of Financial Development on the Influence of the Current-Account Imbalance

本文主要从金融发展的视角研究了其与经常项目失衡的关系,并通过42个国家1995-2011年的数据为样本,对其进行实证分析,发现金融发展水平对经常账户余额有显著的负作用,回归结果表明,发达国家的金融发展水平较高,金融市场较完善,其经常项目更容易发生逆差,在发展中国家,提高金融发展水平,会使经常项目顺差减少。解决经常账户失衡问题,必须从根本上缩小各国金融发展水平差异,发展和创新发展中国家的资本市场,完善金融市场,缓解居民消费的流动性约束问题。

This article mainly from the perspective of the relationship between ifnancial development of the imbalance and often project, and through 42 countries 1995-2011 data as sample, the empirical analysis of the level of ifnancial development, discovery has remarkable negative effect on the current account balance, the regression results show that the developed countries, the higher the level of ifnancial development, ifnancial market perfect, its current-account deifcit is more likely to occur, in developing countries, to improve the level of ifnancial development, will make the current-account surplus. To solve the problem of imbalance of current account, must reduce the fundamentally difference of ifnancial development level of all countries, developing countries in the development and innovation of capital market, improve the ifnancial market, liquidity constraints ease residents＆#39; consumption.