| 人民币升值对中国国际资本流动的影响 |
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| 引用本文： | 李宏,钱利.人民币升值对中国国际资本流动的影响[J].南开经济研究,2011(2). |
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| 作者姓名： | 李宏 钱利 |
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| 作者单位： | 天津财经大学经济学院国际经济贸易系,3000222 |
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| 基金项目： | 国家社科基金项目"贸易顺差问题研究"(08BJY117)阶段性研究 |
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| 摘 要： | 汇率波动是影响国际资本流动的重要因素,本文结合中国国际资本流动的主要特点,对人民币汇率波动及人民币汇率升值预期对中国国际资本流动的影响进行经验分析.实证结果表明,中国经济的持续快速发展和人民币升值预期是吸引国际资本大量流入中国的重要因素,人民币升值将会抑制FDI 的流入,但不会使我国的FDI 明显下降,国内利率也与FDI 呈负相关关系.本文认为,人民币名义汇率的适度升值和长期稳定性有利于外资的合理流入,但目前阶段应加强资本监管,预防经济风险.
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| 关 键 词： | 人民币汇率 资本账户 外国直接投资 短期资本流动 |
The Effect of RMB Appreciation on China's Cross-border Capital Flow |
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| Li Hong,Qian Li.The Effect of RMB Appreciation on China's Cross-border Capital Flow[J].Nankai Economic Studies,2011(2). |
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| Authors: | Li Hong Qian Li |
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| Institution: | Li Hong Qian Li(The Department of International Economics and Trade,School of Economics,Tianjin University of Finance and Economics,Tianjin 300222,China) |
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| Abstract: | Exchange rate fluctuation is one of the key factors effecting international capital flow.Based on serious consideration on features of China's cross-border capital flow,this article conducted a empirical analysis on the effect of RMB exchange rate fluctuation and RMB appreciation anticipation on China's cross-border capital flow.Empirical results show that it is the sustained and rapid economics growth and anticipation on RMB appreciation drives international capital flows to China,so appreciation will inhi... |
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| Keywords: | RMB Exchange rate Capital Account FDI Short-term Capital Flows |
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