我国货币政策效应对短期资本流动的影响
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- 论文作者：吕文俊 ; 刘平平
- 年：2016
- 作者机构：上海大学经济学院;
- 论文关键词：短期国际资本流动 ; 货币政策 ; 金融危机
- 会议召开时间：2016-07-26
- 会议录名称：第十四届中国不确定系统年会、第十八届中国青年信息与管理学者大会论文集
- 语种：中文
- 分类号：F832.6;F822.0
- 学会代码：QHIS
- 会议名称：第十四届中国不确定系统年会第十八届中国青年信息与管理学者大会
- 会议地点：中国陕西渭南
- 主办单位：中国运筹学会不确定系统分会
- 学会名称：清华大学数学科学系
- 页数：9
- 文件大小：893k
- 原文格式：D
- 会议级别：全国
摘要
近年来随着我国资本项目的不断开放,我国国际资本流动的规模迅速扩大。尤其是短期的国际资本流动,更是出现了巨幅波动的现状,容易引发金融危机。此时,货币政策显示出举足轻重的作用。本文以2005-2015年的数据为基础研究了我国货币政策效应对短期资本流动的影响。
引文
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[24]余永定.资本项目自由化:理论和实践[J].金融市场研究,2014(02):4-14.
[25]田存志,彭幼霞.新兴市场国家国际资本流动“突然停止”的影响因素分析--基于金融脆弱性的视角[J].产经评论,2014,9(2):149-160.
[26]巴曙松,顾磊,严敏.我国国际资本流动的影响因素分析[J].中国科学技术大学报,2015,45(3):246-253.
[27]宋玉华,曾绍龙.资本管制决定因素的一般理论与实证分析[J].经济理论与经济管理,2014(2):100-111.
[28]陶士贵,刘骏斌.影响中国国际资本流动的因素研究---引入外部非常规货币政策变量[J].亚太经济,2015(3):48-55.
[29]北京外汇管理部课题组,史炳栋.国际货币政策对我国跨境资金流动的影响[J].中国外汇,2015(21):36-39.
[30]曾绍龙.国际短期资本流动与中国资本管制有效性研究[D].浙江:浙江大学经济学院,2015.
[2]Bacchetta,P.,Benhima,K.,Kalantzis,Y.Capital controls with international reserve accumulation:can this be optimal?Am.Econ[J].Macroecon,2013,5(3):229-262.
[3]Bowman,D.,Londono,J.M.,Sapriza,H.Us unconventional monetary policy and transmission to emerging market economies[J].Int.Money Finance,2015,55:27-59.
[4]Broner,F.,Didier,T.,Erce,A.,Schmukler,S.L.Gross capital flows:dynamics and crises[J].Monet.Econ.2013,60(1):113-133.
[5]Bruno,V.,Shin,H.S.Capital flows and the risk-taking channel of monetary policy[J].Monet.Econ.2015,(71):119-132.
[6]Calvo,G.,Leiderman,L.,&Reinhart,C.Inflows of capital to developing countries in the 1990s[J].Journal of Economic Perspectives,1996,10(2):123-139.
[7]Cover,J.P.,&Mallick,S.K.Identifying sources of macroeconomic and exchange rate fluctuations in the UK[J].Journal of International Money and Finance,2012,31(6):1627-1648.
[8]Dedola,L.,Karadi,P.,Lombardo,G.Global implications of national unconventional policies[J].Monet.Econ.2013,60:66-85.
[9]Devereux,M.,Sutherland,A.Monetary policy and portfolio choice in an open economy macro model[J].Eur.Econ.Assoc,2007,5(2-3):491-499.
[10]Devereux,M.B.,Engel,C.,Monetary policy in the open economy revisited:price setting and exchangerate flexibility[J].Rev.Econ.Stud,2003,70(4):765-783.
[11]Fratscher M.Capital flows,push versus pull factors and the global financial crisis[R].Cambridge,MA:NBER,2011:NBER Working Paper No.17357.
[12]Friedman Milton.Inflation:Causes and Consequences[R].Asia Publishing House,New York,1963.
[13]Guo,F.,&Huang,Y.D.Does hot money drive China’s real estate and stock markets?[J].International Review of Economics and Finance,2010,19(3):452-466.
[14]Gertler,M.,Karadi,P.A model of unconventional monetary policy[J].Monet.Econ,2011,58(1):17-34.
[15]Helbling,T.,Huidrom,R.,Kose,M.A.,Otrok,C.Do credit shocks matter?A global perspective[J].Eur.Econ.Rev,2011,55(3):340-353.
[16]Jermann,U.,Quadrini,V.Macroeconomic effects of financial shocks[J].Am.Econ.Rev,2012,102(1):238-271.
[17]Joshua Aizenman,Yothin Jinjarak,Donghyun Park.Capital flows and economic growth in the Era of financial contagion and Crisis,1990-2010[J].NBERWorking Paper 17502.
[18]Kolasa,M.,Lombardo,G.Financial frictions and optimal monetary policy in an open economy.Int[J].Cent.Bank,2014,10(1):43-94.
[19]Liu,X.,&Wray,L.R.Excessive liquidity and bank lending in China:A modern money perspective[J].International Journal of Political Economy,2010,39(3):45-63.
[20]Phelan,Gregory,Akira Toda and Alexis.Securitized Markets and International Capital Flows[J].Working Papers--University of Michigan Department of Economics,2015,17(10):1-35.
[21]Papaionnou E.What drivers international financial flows?Politics,institutions and other determinants[J].Journal of Development Economics,2009,88(2):269-281.
[22]Ryan Banerjee a,Michael B.Devereux b,Giovanni Lombardo.Self-oriented monetary policy,global financial markets and excess volatility of international capital flows[J].Journal of International Money and Finance,2016,1-23.
[23]张明,肖立.国际资本流动的驱动因素:新兴市场与发达经济体的比较[J].世界经济,2014(8):151-172.
[24]余永定.资本项目自由化:理论和实践[J].金融市场研究,2014(02):4-14.
[25]田存志,彭幼霞.新兴市场国家国际资本流动“突然停止”的影响因素分析--基于金融脆弱性的视角[J].产经评论,2014,9(2):149-160.
[26]巴曙松,顾磊,严敏.我国国际资本流动的影响因素分析[J].中国科学技术大学报,2015,45(3):246-253.
[27]宋玉华,曾绍龙.资本管制决定因素的一般理论与实证分析[J].经济理论与经济管理,2014(2):100-111.
[28]陶士贵,刘骏斌.影响中国国际资本流动的因素研究---引入外部非常规货币政策变量[J].亚太经济,2015(3):48-55.
[29]北京外汇管理部课题组,史炳栋.国际货币政策对我国跨境资金流动的影响[J].中国外汇,2015(21):36-39.
[30]曾绍龙.国际短期资本流动与中国资本管制有效性研究[D].浙江:浙江大学经济学院,2015.