摘要
本文比较分析新兴市场国家资本账户开放后的本币影响力变化,并通过构建和改进双差分模型,研究资本账户开放对新兴市场国家金融脆弱程度的影响。结果表明,资本账户开放对新兴市场国家本币影响力的提升极为有限,在不同时点开放资本账户,对金融脆弱度的影响是双向的。人民币国际化进程中,应保持克制的资本账户开放政策,着重加快国内经济增长和金融市场改革。
This paper presents an analysis of the change in the influence of local currencies after the capital account opening of emerging market countries, and the influence of capital account opening on the financial fragility of emerging market countries by constructing and improving the DID model. The results of the paper show that it is extremely limited that the capital account opening augments the influence of the local currencies of emerging market countries; the influence of capital account opening at different times on financial vulnerability shows a two-direction feature. In the process of RMB internationalization, its necessary to keep a policy of restrained capital account opening, and focus on accelerating the domestic economic growth and the financial market reform.
出处
《金融论坛》
CSSCI
北大核心
2017年第10期53-66,共14页
Finance Forum
关键词
新兴市场国家
货币影响力
金融脆弱度
资本账户开放
人民币国际化
emerging market country
currency influence
financial fragility
capital account opening
RMB internationalization
作者简介
宋暄，女，南开大学金融学院，博士生（天津，300350），E—mail：ellasong1990@hotmail．com。
