金融稳定性与经济增长的机制分析——基于新兴市场国家和发达国家的两组数据
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财经研究 2011 年 第 37 卷第 02 期, 页码：50 - 60
摘要
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摘要
文章通过比较新兴市场国家和发达国家1994-2008年间金融稳定性对经济增长的作用机制发现,对于新兴市场国家而言,外债占GNP的比重和国际储备与外债比例的上升不利于金融稳定状态的保持,导致经济增长率下降,但总储蓄占GDP比例的上升和贸易额占GDP比重的提高会促进金融稳定,带动经济增长;而对于发达国家而言,海外证券投资与债券投资的增加以及实际利率的上升会维护金融稳定性,促进经济增长。由于一国金融稳定还受国际宏观因素的影响,因此国际金融体系的重建是保证各成员国金融稳定的重要内容。
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[2]Brigitte Granville,Sushanta Mallick.Monetary and financial stability in the Euro area:Pro-cyclicality versus trade-off[J].Journal of International Financial Markets,Institu-tions and Money,2009,19(4):662-674.
[3]F De Graeve,T Kick,M Koetter.Monetary policy and financial(in)stability:An inte-grated micro-macro approach[J].Journal of Financial Stability,2008,4(3):205-231.
[4]Laura Alfaro,Fabio Kanczuk.Opti mal reserve management and sovereign debt[J].Journal of International Economics,2009,77:23-36.
[5]Michael D Bordo,Christopher M Meissner,David Stuckler.Foreign currency debt,finan-cial crises and economic growth:Along run view[R].NBER Working Paper No.15534,2009.
[6]Miranda Xafa.Global i mbalances and financial stability[J].Journal of Policy Modeling,2007,29(5):783-796.
[7]Niklas Potrafke.The growth of public health expenditures in OECD countries:Do gov-ernment ideology and electoral motives matter?[J].Journal of Health Economics,2010,29(6):797-810.
[8]Peter L Rousseau,Hakan Yil mazkuday.Inflation,financial development,and growth:Atrilateral analysis[J].Economic Systems,2009,33(4):310-324.
[9]Glewwe P,S Lambert.Education production functions:Evidence from developing coun-tries[A].Baker E,B McGaw,P Peterson.The international encyclopedia of education[C].Elsevier,2010:412-422.
[10]Q Farooq Akram,yvind Eitrhei m.Flexible inflation targeting and financial stability:Is it enough to stabilize inflation and output?[J].Journal of Banking&Finance,2008,32(7):1242-1254.
[11]Sander Oosterloo,Jakob de Haan,Richard Jong-A-Pin.Financial stability reviews:Afirst empirical analysis[J].Journal of Financial Stability,2007,2(4):337-355.
[12]William A Allen,Geoffrey Wood.Defining and achieving financial stability[J].Journalof Financial Stability,2006,2(2):152-172.
[13]William R White.Past financial crises,the current financial turmoil,and the need for anew macrofinancial stability framework[J].Journal of Financial Stability,2008,4(4):307-312.
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林珏, 杨荣海. 金融稳定性与经济增长的机制分析——基于新兴市场国家和发达国家的两组数据[J]. 财经研究, 2011, 37(2): 50–60.
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