汇率制度灵活性对生产率增长影响的再研究

Re-examination of the Impact of Exchange Rate Regime Flexibility on Productivity Growth

相关的汇率制度研究表明,灵活的汇率制度会对一国劳动生产率产生负面影响,而金融发展有助于降低这一负面影响。本文在两方面对此研究进行了拓展:一是在原有单一要素(劳动力)模型基础上引入了资本和要素密集度概念;二是拓宽了金融发展的内涵,金融发展不再局限于企业融资约束的放松,也包含宏观层面资本密集度的提升。本文发现:从放松企业融资约束的角度来看,金融发展有利于缓解灵活的汇率制度对劳动生产率进步带来的不利影响,而由资本深化导致的宏观层面资本密集度提升将放大灵活的汇率制度给劳动生产率带来的不利影响。本文的研究表明金融发展具有多个维度,不同定义下的金融发展对汇率制度选择有着不同的启示。

The related studies of exchange rate system show that flexible exchange rate system will have a negative impact on a country's labor productivity,and financial development will help to reduce this negative impact.This paper expands the research in two aspects:one is to introduce the concept of capital and factor intensity based on the original single factor(labor)model;the other is to broaden the connotation of financial development,which is no longer limited to the relaxation of corporate financing constraints,but also includes the promotion of capital intensity at the macro level.This paper finds that from the perspective of relaxing the financing constraints of enterprises,financial development is conducive to alleviating the adverse effects of flexible exchange rate system on labor productivity progress,while the macro level capital intensity increase caused by capital deepening will enlarge the adverse effects of flexible exchange rate system on labor productivity.The research of this paper shows that financial development has many dimensions,and different definitions of financial development have different implications for the choice of exchange rate system.