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1.
近年来,发展中国家资本流出不断增长,特别是亚洲新兴国家十分明显。以中国、马来西亚和韩国为代表的亚洲新兴国家资本流出主要以对外直接投资和外汇储备投资为主,具有不同于发达国家的特点、原因并产生不同的影响。  相似文献   

2.
两种投资秩序及其碰撞   总被引:7,自引:1,他引:6  
亚洲金融危机显然是经济全球化过程中发达国家资本与发展中国家资本之间相互碰撞的一种表现,发达国家资本与发展中国家资本的不同在于它们代表着不同的制度规则,金融危机也就意味着制度之间的碰撞,表明国际金融体制面临着新的改革与调整。国际金融秩序的这种调整与改革...  相似文献   

3.
券商国际化的挑战   总被引:2,自引:0,他引:2  
<正> 1994年墨西哥金融危机以及1997年的亚洲金融危机更使人们清醒地看到外国资本对本国证券市场冲击的风险。我国加入世贸组织,中国完全开放证券市场是必然趋势。但中国证券市场是在相对封闭环境中发展起来的,实力不足,资本市场开放必将给我国的金融安全和民族证券业带来前所未有的巨大挑战。中国券商:国际化程度低,没有直面国际竞争的实力中国证券业的对外开放尚处于起步  相似文献   

4.
首先对资本流动性进行了概念界定,认为资本流动性即为资本流入流出占一国国民生产总值的比值,并对几种测量资本流动性的方法进行了简要评述。在总量规模法的基础上运用直接测算法、间接测算法、克莱因测算法、非直接投资净额调整法测量了我国的资本流动性。结合对我国资本流动性结构特征的变化的分析,发现直接投资的流动性稳步下降,证券投资和其他投资的流动性为上升趋势,而总资本流动性呈震荡上升趋势。其中,在不考虑资本外逃时,其他投资对总资本的流动性变化起到主要作用。  相似文献   

5.
作为发展中国家 ,要想分享经济、金融全球化的利益 ,就不可避免要开放国内证券市场。新兴市场国家的证券市场从 2 0世纪 80年代以来开始走上开放的道路。在开放后的前几年中 ,国际化给其金融市场和国民经济普遍带来了较为明显的促进作用 ,但之后爆发的金融危机 ,尤其是 1 997年底以来的亚洲金融危机 ,使学术界对发展中国家开放金融市场的问题展开了激烈的争论。一种意见是发展中国家不具备资本市场开放的条件 ,应加强金融管制以防范危机的产生 (JosephStiglitz,PaulKrugman,1 998) ;另一种意见 (MertonMi…  相似文献   

6.
加入WTO后,我国金融业的改革进入了一个新的阶段,作为改革的重要部分,资本项目开放的步伐也在不断加快。与经常账户的开放相比,资本项目的开放更具有风险。20世纪80、90年代发展中国家在开放资本项目时,频频爆发的金融危机即证明了这一点。本文研究了发展中国家资本项目开放的经验教训,旨在为推进我国的资本项目开放提供一些有益的借鉴和对策。  相似文献   

7.
加入WTO后,我国金融业的改革进入了一个新的阶段,作为改革的重要部分,资本项目开放的步伐也在不断加快.与经常账户的开放相比,资本项目的开放更具有风险.20世纪80、90年代发展中国家在开放资本项目时,频频爆发的金融危机即证明了这一点.本文研究了发展中国家资本项目开放的经验教训,旨在为推进我国的资本项目开放提供一些有益的借鉴和对策.  相似文献   

8.
本文采用1985-1999年泰国、印度、印度尼西亚、韩国、马来西亚和菲律宾的季度数据,选取几个重要指标,运用面板数据的方法,从货币危机的视角进行了实证研究,认为发展中国家的资本账户开放有引发货币危机的可能,但是这种可能性与一国的经济基础条件关系密切,因此,为了避免和缓解发生货币危机的风险,发展中国家应在实现内外均衡和深化金融改革的前提下开放资本账户.  相似文献   

9.
当前,人民币加入SDR必将倒逼我国加速资本项下的开放步伐,促使股市和债市等股票市场更加开放,加入SDR也必将促进人民币汇率改革,协调推进人民币汇率改革、资本项目开放。利用1998~2015年季度数据,实证研究我国资本项目开放程度、汇率改革进程等因素对股票市场价格的影响程度,发现随着资本项目开放程度的提高,资本项目开放对股票价格的影响更加突出。汇率改革和资本项目开放有利于我国股票市场稳定,推进汇率改革和资本项目开放对股票市场的稳定具有重要意义,当前人民币汇率对上证指数的影响大于资本项目开放。同时,在股票市场缓慢增长的背景下,资本项目开放对人民币汇率的影响效果大于在股票市场快速增长背景下资本项目开放对人民币汇率的影响效果。  相似文献   

10.
张鸿羽 《资本市场》2000,(12):13-16
<正> 设立中外合资证券公司的经济背景今年以来,我国先后与美国和欧洲的主要国家就中国加入世界贸易组织的有关事宜达成一致,其中金融领域的开放一直是各国普遍关心的焦点问题。1997年席卷亚洲的金融危机仍历历在目,中国能躲过国际游资的疯狂袭击,资本市场尚未开放这一壁垒可谓功不可没。  相似文献   

11.
This paper examines the current account dynamics in a group of ten newly industrialized countries (NICs) during the period 1980–2012 using a panel error-correction model. The model is also used to empirically test whether the degree of capital mobility is positively related to financial openness. The Chin-Ito (2006, 2008) financial openness index is used to classify the countries into different groups, and we place the countries in one group that are similar to each other in terms of their financial openness. Furthermore, to evaluate the extent of capital mobility over the different period from 1980 to 2012, the total period under study is divided into three sub-periods. The estimation results indicate that there exist long-run equilibrium relationships between domestic saving, investment, and current account in all groups regardless of their degree of financial openness. We find that more openness in terms of the capital account is associated with a higher degree of capital mobility in the case of NICs. The empirical result also indicates that the degree of capital mobility is higher in the first and third sub-period.  相似文献   

12.
This paper examines the linkage of real interest rates of a group of Pacific-Basin countries with a focus on East Asia. We consider monthly real interest rates of US, Japan, Korea, Singapore, and Thailand from 1980 to 2006. The impulse response analysis and half-life estimation are conducted in a multivariate setting, adopting the bias-corrected bootstrap as a means of statistical inference. It is found that the degree of capital market integration has increased after the Asian financial crisis in 1997. The overall evidence suggests that the crisis has substantially changed the nature of the short run interactions among the real interest rates. Before the crisis, both the US and Japanese capital markets dominated the region. After the crisis, the dominance of the Japanese market has completely disappeared, while the US market remains as a sole dominant player and the Korean market has become more influential.  相似文献   

13.
Empirical evidence suggests that the size of the informal sector in the developing countries has increased considerably during the liberalized economic regime. The present paper purports to analyze the consequences of economic reforms on the wellbeing of the informal sector workforce using a three-sector general equilibrium model with two informal sectors. The theoretical analysis finds that different liberalized policies produce diverse effects on the informal wage and that these results are independent of the nature of capital mobility between the informal and the formal sectors. It also shows that labour market reforms, contrary to the common wisdom, are likely to produce favourable effects on the informal wage.  相似文献   

14.
This paper investigates the Feldstein-Horioka coefficients and evaluates the degree of international capital mobility for ten newly industrialized countries (NICs) over the different sub-periods from 1970 to 2010. By applying the Pedroni and Westerlund cointegration tests, we find that saving and investment are indeed cointegrated. The estimated FH coefficients using FMOLS and DOLS are 0.24 and 0.33, respectively, for the period 1970–1980. Furthermore, the estimated FH coefficients reduce from 0.80 (FMOLS) in 1991–2000 to 0.36 (FMOLS) in 1970–1980. The small FH coefficients suggest that international capital mobility increased in the NICs during the sub-periods 1970–1980 and 2001–2010.  相似文献   

15.
Does unrestricted control on the movement of capital increase capital mobility? Theoretically, the answer is yes. This paper uses the Feldstein–Horioka savings–investment methodology to examine the impact of financial openness on the degree of capital mobility in 104 countries. Our estimates suggest that financial openness has increased capital mobility in developing countries, while its effect is statistically insignificant in OECD countries. This also implies that a developing country with more financial openness can have more access to external capital markets for borrowings. Foreign aid also appears to supplement domestic savings for investment in developing countries. In line with the previous findings, our study also confirms that capital is more mobile for developing countries.  相似文献   

16.
We investigate the similarity of the country endowments of the newly industrialized East Asian countries (NICs) and their major developed trading partners since the 1960s. In particular, we analyze their factor endowments in the years 1965, 1977, and 1990, using the lens condition of Deardorff (1994 ). Because of the similarity of endowments of the NICs and their developed‐country trading partners, we cannot reject the hypothesis that these countries are diversified economies, able to produce the same set of goods since the 1960s. This empirical evidence supports the theoretical analyses of the East Asian growth miracle of Mankiw (1995 ) and Ventura (1997 ) in an environment in which factor accumulation did not imply decreasing returns to capital.  相似文献   

17.
This study attempts to reassess the evidence on the degree of capital mobility and crowding out by applying a varying coefficients model to data on 19 OECD countries over the 1971–1999 period. Our period-specific results strongly support the crowding-out effect as well as the low capital mobility argument for this group of countries as a whole. However, the strength of the crowding-out effect appears to weaken and the degree of capital mobility to increase in the 1990s as compared to the 1970s and 1980s. We also classify countries into five groups according to the relative size of the government sector. Our group-specific results indicate that the degree of capital mobility is generally lower and the crowding-out effect generally stronger, in country groups with smaller governments. The differences are especially evident when we compare the group with largest government size with all other groups, those differences between the latter being much more modest. However, significant differences in the country-specific results suggest that it is prudent to be cautious when we draw conclusions about crowding-out and capital mobility for specific countries from the period-wise or group-wise results. This is particularly important in drawing policy implications for specific countries.  相似文献   

18.
中国城市人力资本的估算   总被引:34,自引:0,他引:34  
针对中国城市人力资本估算中的困难,在Casey B.Mulligan和Xavier Sala-I-Martin(1995)关于人力资本估算思想的启发下,本文明确提出单位人力资本的概念;在对技术进行适当假设的基础上,提出了一个关于人力资本估算的、可实现的框架。运用中国行政地级以上城市的统计资料,本文对中国各城市的人力资本进行了估算。结果表明,各城市的人力资本都呈现出增长的态势。对人力资本估算的相关性检验表明,本文所估算的人力资本具有一定的合理性。通过对中国各城市人均人力资本标准差的计算,本文还发现中国各城市之间的人力资本表现出了较大的差异性,并且这种差异随着时间的推移在扩大。初始的人力资本与人力资本的增长率具有正向的关系也为此结论提供了一个支持。  相似文献   

19.
ABSTRACT

In this paper, we reexamine the long-standing and puzzling correlation between national saving and investment in 14 European Union (EU) countries. We employ a panel data set for the period 1970–2015 and we apply recently developed maximum likelihood panel cointegration methodologies. We find that there exists a long-run relationship between savings and investment for this panel of EU member countries, with the savings retention coefficient being low in magnitude but statistically different than zero. Therefore, we argue that there is weak evidence in favour of the Feldstein–Horioka puzzle and that the long-run international solvency condition is maintained in most of these countries. This evidence implies a moderate degree of capital mobility which is consistent with the macroeconomic experience of these countries during the period under investigation.  相似文献   

20.
Nepal and India are developing countries in Asia whose (hard) peg has existed for almost forty years as well as no restriction on capital mobility between both countries. However, empirical results suggest that Nepal and India do not face symmetric patterns of shocks and are thus not suitable for a fixed exchange rate under this criteria. One possible explanation may be that the monetary authority plays some role in the short run to reduce the cost of the exchange rate regime. This suggests that some caution should be used in basing optimal exchange rate policy on this single criteria.  相似文献   

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