制度环境差异与居民金融市场参与——基于各国经济制度环境差异的比较

The Institutional Environment Differences and Household Finance Portfolio Preferences——The Comparison of Different Economically Institutional Environment

本文选取1996~2014年20个主要国家的面板数据,分析居民的金融资产配置是否会受到制度环境(经济制度)差异的影响。结果表明:在衡量制度环境的各指标中,货币制度、商业及投资环境的改善会促进居民更多地参与到金融市场;但金融制度则存在"拐点"效应,在金融系统开放性和透明度较高的国家,金融开放能够刺激居民投资更加分散;反之,则会使得居民投资更为保守。研究结果对于改善我国高储蓄的家庭金融资产结构具有积极作用。

Through analyzing panel data of 20 leading countries from 1990 to 2014, this paper attempts to explore the effect of different economic institutions on the allocation of financial assets of residents. It is suggested that the improvement of monetary system and commercial investment environment could promote residents＇ participation in the financial market. However, there is the so-called ＂knee point＂ effect in financial system. For the countries which maintain high degree of openness in financial system, open finance policy would stimulate decentralization of household investment, whereas those opaque financial environment lead to conservative prospect. This research provides a new perspective to solve the high saving structure of household financial assets in our country.