金融市场发展与全球失衡:基于创新与生产的垂直分工视角

在20世纪90年代中期开始的新一轮全球失衡中,以中国为代表的发展中国家成为经常项目顺差的主角。同时,大量FDI从发达国家流向发展中国家,进而形成了发达的全球生产体系。基于全球失衡的上述特点以及在Antràs和Caballero(2007)水平分工模型的基础上,通过建立一个垂直分工模型,可以从国际分工视角为全球失衡问题提供更加坚实的微观基础。同时,模型把社会生产划分为创新和生产两个环节,并指出与生产活动相比,创新活动更加依赖外部融资,因此,金融发展程度更高的国家在创新活动上具有比较优势,而金融发展程度较低的国家则在生产活动上具有比较优势。而且,在进行国际交换时,创新成果和生产成果通常反映在国际收支账户中的不同项目上,因此,基于这种国际垂直分工的创新成果和生产成果的均衡交易将引起参与分工国家经常项目的失衡。

The Development of Financial Market and Global Imbalance: A Perspective of Vertical Specialization on Innovation and Production

In the current round of global imbalance started from mid 90th last century,the developing countries with China as the representative have frequently become the major role of current account surplus.At the same time,large inward FDI from developed countries to developing countries has formed an advanced global production system.On the basis of these characteristics of global imbalance and the horizontal international specialization model of Antràs and Caballero(2007),this paper tries to give the global imbalance issue a more tangible macro-basis from the perspective of international specialization by introducing a vertical international specialization model.Meanwhile,this model divides the social production into two links of innovation and production and points out that compared with productive activities,the innovative activities rely more on external financing.Therefore,the financially developed countries have comparative advantage on innovating activities,while the financially undeveloped countries have comparative advantage on productive activities.Furthermore,the results of innovative activities and the results of productive activities are usually shown on different account items in the international balance of payment when they are exchanged internationally.Thus,the balanced trade of the results of innovation and the results of production based on such international vertical specialization can lead to imbalance of the current accounts of the countries participated in the international specialization.