中美利差波动对我国国际资本流动的影响研究

The Impact of Interest Rate Spreads between China and America on International Capital Flows to China

过去的十年里,以金砖国家为代表的新兴市场经济体和发达国家在跨境资本流动方面无论是规模还是结构均发生了巨大的变化。以中美两国为背景来阐述一国的货币政策以及利率结构改变所产生的全球流动性冲击与国际资本流动存在较为显著的关联关系。假若我国的国际资本流动受到源自美国货币政策以及利率结构所产生的全球流动性冲击,投资者对于低风险资产的偏好将导致我国资本流动的波动性显著增加。

In the last ten years there is a significant change capital flows of developed countries and EMS. This paper distribution of liquidity shocks produced by the variation of on the scale and structure of international draws the conclusion that the probability monetary policy and interest rate structure are greatly connected with macroeconomic monetary volatility through the study of the specific effects between China and America. Once Chinese international capital flow was influenced by American probability distribution of liquidity shocks, the investors would prefer to the safer assets which would lead to augment the volatility of liquidity shocks to China.