不完全金融市场、海外资产结构与国际贸易  

Incomplete Financial Market,Structure of Foreign Asset and International Trade

作　　者：李俊青[1] 韩其恒[2] 

机构地区：[1]南开大学经济学院 [2]上海财经大学金融学院

出　　处：《经济研究》2011年第2期31-43,共13页Economic Research Journal

基　　金：南开大学中央高校基本科研业务费专项资金资助;上海财经大学211第三期项目;上海财经大学校级预研究项目资助

摘　　要：本文在动态不确定性模型分析框架下,分析了金融自由化和金融深化对一国居民消费、资产选择和福利的影响。研究表明,两国金融市场完全性的差异会导致在金融自由化的经济环境中,金融市场完全性低的国家由于有更多的预防性储蓄而出现贸易盈余,相应金融市场完全性高的国家出现贸易赤字。同时,金融市场发展的差异也深刻影响两国居民资产组合的选择,促使金融市场完全性高的国家"做多股权,做空债权",金融市场完全性低的国家"做空股权,做多债权",并导致资本从金融市场完全性低的国家主要以购买债券的形式流向金融市场完全性高的国家。Based on the dynamical uncertainty model, the paper analyzes how financial liberalization and deepening in one country can influence individual consumption, asset selection and welfare. Under economic environment of financial liberalization, the gap of financial development between two countries will eause less financial development country appear trade surplus, just because the individual in the country prefers to more precautionary savings. At same time, the country with developed financial market owns trade deficit. Besides, the difference in completeness of financial market also impacts the asset portfolio selection of individual, it prompts that the country with developed financial market takes long equity and short debt foreign asset portfolio strategy, the country with less financial development takes short equity and long debt strategy.

关 键 词：不完全金融市场 海外资产组合 国际贸易 

分 类 号：F831.5[经济管理—金融学] F742