湖南大学学报（社会科学版）2024，Vol.38Issue(2)：76-84,9.DOI:10.16339/j.cnki.hdxbskb.2024.02.010
贸易网络中心性对国际证券资本流动的影响研究
Research on the Impact of Trade Network Centrality on International Securities Capital Flows:Empirical Data Based on Global Markets
摘要
Abstract
Using the data such as import and export trade from 1990 to 2019 for 131 countries(regions)worldwide,this study constructs centrality measurement indicators for the trade network and employs a panel regression model to empirically test the impact of trade network centrality on international securities capital flows.The results show that as the level of trade network centrality increases,the country's inter-national securities capital(net)inflows will be suppressed;the suppression mechanism is achieved by af-fecting international investments in stocks and bonds,with the suppression effect being more pronounced during the subprime crisis in developed countries;the strength of the suppression is influenced by the fac-tors such as the country's stock market volatility,the level of banking sector development,and loan risk premium,with arbitrage factors prompting capital to flow from trade network central countries to periph-eral countries.China should combine the external influence and control generated by the centrality advan-tage of the trade network to optimize the policy system and improve the efficiency of international securities capital allocation.关键词
贸易网络中心性/股市波动率/银行业发展/贷款风险溢价/国际证券资本流动Key words
trade network centrality/stock market volatility/banking development/loan risk premi-um/international securities capital flows分类
管理科学引用本文复制引用
欧阳海琴..贸易网络中心性对国际证券资本流动的影响研究[J].湖南大学学报（社会科学版）,2024,38(2):76-84,9.基金项目
国家社会科学基金哲学社会科学领军人才项目:多重约束下的中国财政政策、货币政策与汇率政策协调配合研究(22VRC018) （22VRC018）
国家社会科学基金重大项目:中央银行的逻辑与现代中央银行制度的建设(21ZDA045) （21ZDA045）
江西省社会科学基金项目:江西省产业政策推动制造业高质量发展的机制与路径研究(23YJ19) （23YJ19）
