首都经济贸易大学学报Issue(1)：51-57,7.DOI:10.13504/j.cnki.issn1008-2700.2016.01.006
金融发展对经常项目失衡的影响
Influence of Financial Development on Current Account Imbalance
摘要
Abstract
This paper discusses current account imbalance and its influence factors , especially studies effect of financial development level and financial opening on current account ,establishing dynamic panel regression model , adopting GMM estimation method and using annual data of 59 countries or regions from 1986 to 2013 to research empirically.Four conclusions are obtained .(1)There is a significant relationship between current account imbalance and financial deepening , market efficiency of developed countries and developing countries even though financial development level and financial openness do not affect the whole sample countries .(2) Developed countries should decrease budget deficit , raise labor productivity , expand trade openness , improve the efficiency of financial mar-ket,reduce consumer demand , investment , and financial depth to increase their current account surplus or reduce deficit.(3)Developing countries should increase net foreign assets , expand trade openness, improve terms of trade, enhance the efficiency of financial market to improve their current account .Increasing per capita income , stimula-ting consumer demand and investment , appreciating currency , expanding financial deepening will cut down excess of current account surplus .( 4 ) Real and effective exchange rates do not impact on current account of developed countries significantly , which means the appreciation or depreciation of currency cannot change the imbalance of the current account.关键词
经常项目失衡/金融发展/动态面板Key words
current account imbalance/financial development/dynamic panel data分类
管理科学引用本文复制引用
潘雅琼..金融发展对经常项目失衡的影响[J].首都经济贸易大学学报,2016,(1):51-57,7.基金项目
湖北省社科基金项目《金融发展与经常项目失衡可维持性理论探索与实证分析》（2013129）；湖北省教育厅人文社会科学研究项目重点项目《金融危机冲击、融资约束与公司价值---理论探索与实证研究》（14 D004）；湖北省科技支撑计划软科学研究项目《区域服务业创新能力评价及提升对策研究---以湖北省为例》；国家留学基金委资助项目 （）
