从贸易调整渠道到金融调整渠道--国际金融外部调整理论的新发展  

作　　者：范小云[1,2] 肖立晟[1,2] 方斯琦 

机构地区：[1]南开大学经济学院金融学系,天津300071 [2]北京大学光华管理学院金融系,北京100871

出　　处：《金融研究》2011年第2期194-206,共13页Journal of Financial Research

基　　金：教育部重大公关项目(批准号:09JZD0016)“全球金融危机与国际货币金融体系改革研究”;国家自然科学基金项目(批准号:09JZD0016)“全球金融危机与国际货币金融体系改革研究”;国家社科基金一般项目(批准号:07BJY160)“全面开放条件下深化国有商业银行改革”;教育部重点研究基地重大项目“国际金融危机对我国经济的影响及其应对方略”(批准号:2009JJD790027)资助

摘　　要：传统的开放宏观经济学认为一国的外部财富是贸易调整的结果,但是随着各国持有外部资产负债总量的迅速攀升,汇率和资产价格波动所产生的估值效应对外部财富的作用越来越显著。近年来,众多学者基于估值效应发展了一个新的外部调整渠道——金融调整渠道,极大地改变了人们对一国外部失衡调整的理解和认识。本文试图系统地评述这一外部调整机制的最新进展,以期为所有关注中国国际收支以及全球失衡问题的国内外学者提供新的研究视角和方法。According to traditional open cs, a country＇s external wealth is the result of trade adjustment. However, as the rapid rise in the amount of the countries＇ total external assets and liabilities, the valuation effect, which resulted from the exchange rates and asset price fluctuation, plays a more and more significant role in the external wealth adjustment. In recent years, many scholars have developed a new theory of external adjustment channel based on the valuation effects -the financial adjustment channel, which greatly changed people＇s understanding of the adjustment of a country＇s external imbalances. This paper attempts to give a systematic review of the latest progress of the external adjustment mechanism, and to offer a new research perspective and method for worldwide scholars who are interested in China＇s international balance of payments and the global imbalances.

关 键 词：金融调整渠道 外部调整 估值效应 汇率 资产收益率 

分 类 号：F830[经济管理—金融学]