“金融资源诅咒说”的实体经济渠道——基于劳动力配置视角的跨国证据

The Mechanism of Financial Resource Curse:Cross-Country Evidence from Labor Allocations

为探究"金融资源诅咒说"背后的实体经济渠道,本文基于劳动力资源配置的视角,通过建立理论模型分析国际证券资本流入对生产率增长的影响机制。文章以100个经济体2000-2015年的数据作为研究样本,采用中介效应模型实证检验国际证券资本流入规模与流入激增能否通过劳动力配置渠道影响一国生产率增长,结果表明:证券资本流入规模对生产率增长无显著影响,而证券资本流入激增则通过引起劳动力资源转向生产率增长水平更低的非贸易部门损害一国整体的生产率增长。此外,考虑到不同类型经济体之间的异质性,本文又进一步将样本分为高收入经济体和中低收入经济体,发现劳动力配置的中介效应在不同收入类型经济体之间表现出显著的异质性特征,高收入经济体中劳动力配置的中介效应不再显著。综上,"金融资源诅咒说"的劳动力配置渠道仅发生于证券资本大规模流入时期,且只存在于中低收入经济体。

In order to explore the real economy channels behind"the curse of financial resources"from the perspective of labor resource allocation,this paper uses the intermediary effect model to test whether the scale and surge of international securities capital inflow can affect a country’s productivity growth through labor allocation channels.Using panel data from 100 economies from 2000 to 2015,we find that the scale of the international portfolio inflows cannot affect the growth of productivity,while the surge of international portfolio inflows indirectly hurts labor productivity growth through increasing the proportion of labor reallocated into the non-trade sector.In addition,considering the heterogeneity between different types of economies,we further divide the economy into high-income economies and low-middle-income economies.Our results show that the intermediary effect of labor reallocation has significant heterogeneity among different economies,and the intermediary effect of labor reallocation in high-income economies is insignificant.To sum up,the labor allocation channel of"the curse of financial resources"only occurs in the period of large-scale inflow of securities capital,and only exists in low-income economies.