经济增长、金融深化与全球经济失衡
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财经研究 2009 年 第 35 卷第 08 期, 页码：27 - 37
摘要
参考文献
摘要
文章建立了一个囊括经济增长、金融市场和资本流动等诸多因素的全球均衡模型,并采用ECM模型实证检验了这些因素对全球经济失衡的影响。研究发现,由于亚洲新兴国家和美国之间存在经济增长率的差异和非对称的金融市场,导致全球经济失衡。解决全球性经济失衡的根本出路在于改变现有的资产组合的供求关系,降低亚洲新兴国家对美元储备资产的需求,而美元贬值则并不能纠正全球经济失衡。
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[2]Blanchard,Olivier,Francesco Giavazzi.Current account deficits in the Euro Area:Theend of the Feldstein-Horioka puzzle?[R].Brookings Papers on Economic Activity,2002:147-209.
[3]Cline,William R.The United States as a debtor nation:Risks and policy reform[R].Institute for International Economics,Washington D.C.,2005.
[4]Chinn Menzie,Hiro Ito.Current account balances,financial development and institu-tions:Assaying the world“Savings Glut”[R].NBER Working Paper,2005.
[5]Chinn M D,Prasad E S.Medium-term determinants of current accounts in industrialand developing countries:An empirical exploration[J].Journal of International Eco-nomics,2003,59:47-76.
[6]Dooley Michael,David Folkerts-Landau,Peter Garber.An essay of revived bretonwoods system[R].NBER Working Paper,2003,No.9971.
[7]Dooley.The revived breton woods system:The effects of peripheryintervention and re-serve management on interest rates and exchange rates in center countries[R].NBERWorking Papers,2004,No.10332.
[8]Engel C,Rogers J H.The US current account deficit and the expected share of worldoutput[J].Journal of Monetary Economics,2006,5:1063-1093.
[9]Lane Philip R,Milesi-Ferretti,Gian Maria.A global perspective on external positions[R].CEPR Discussion Papers,2005,No.5234.
[10]Mann C L.Perspectives on the US current account deficit and sustainability[J].Jour-nal of Economics Perspectives,2002,16:131-152.
[11]Sachs J.The current account and macroeconomics adjust ment in the 1970s[J].Broo-king Papers on Economic Activity,1981,1:201-268.
[12]Rajan.Global current account i mbalances:Hard landing or soft landing[R].Talk atthe Credit Suisse First Boston Conference.Hong Kong,2005.
[13]Ricardo J Caballero,Emmanuel Farhi,Pierre-Olivier Gourinchas.A model of globali mbalances and lowinterest Rates[R].Bank for International Annual Research Confer-ence,2006:19-20.
引用本文
王自锋, 张伯伟, 王君. 经济增长、金融深化与全球经济失衡[J]. 财经研究, 2009, 35(8): 27–37.
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