| 新兴市场国家的国际资本流动与双危机模型扩展 |
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| 引用本文： | 刘仁伍,刘华,黄礼健. 新兴市场国家的国际资本流动与双危机模型扩展[J]. 金融研究, 2008, 0(4) |
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| 作者姓名： | 刘仁伍 刘华 黄礼健 |
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| 作者单位： | 中国人民银行海口中心支行; |
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| 摘 要： | 本文基于新兴市场国家经济背景下,从国内中央银行和国内投资者、国际投资者三类主体进行不完全信息博弈的角度对双危机理论模型进行了有效扩展,探讨了对国际资本流动进行和不进行数量和税费控制条件下银行危机与货币危机发生所满足的必要条件,从而更深入全面地探讨了国际资本流动与双危机之间的传导机制。以马来西亚的实际数据对扩展模型的合理性和有效性进行了验证,并对模型中的主要参数对均衡结果的不同影响进行了分析,为类似中国的新兴市场国家制定安全有效的货币政策以及防范金融危机提供了思路和政策建议。
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| 关 键 词： | 国际资本流动 双危机模型 新兴市场国家 不完全信息 非合作博弈 |
International Capital Flows and Twin Crises Model in Emerging Market Country |
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| Liu Renwu Liu Hua Huang Lijian. International Capital Flows and Twin Crises Model in Emerging Market Country[J]. Journal of Financial Research, 2008, 0(4) |
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| Authors: | Liu Renwu Liu Hua Huang Lijian |
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| Abstract: | This paper develops a twin crises model based on the economic background assumption of emerging market countries.In the model,the authors discuss the necessary conditions under which banking crisis and currency crisis occur in games with incomplete information played by three kinds of independent subjects,they are central bank,domestic investor and international investor,and generally investigate the transmitting mecha- nism between international capital flows and twin crises.Moreover,the paper verifies the... |
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| Keywords: | international capital flows twin crises emerging market countries incomplete information noncooperative games |
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