制度质量对双边金融资本流动的影响:集约边际还是扩展边际  

Empirical Analysis of Institution Quality and Financial Capital Flows:Intensive Margin or Extensive Margin

作　　者：刘健[1] 

机构地区：[1]南开大学经济学院

出　　处：《国际金融研究》2012年第6期75-82,共8页Studies of International Finance

摘　　要：将制度变量引入基本的引力模型,运用Heckman两阶段模型考察了制度质量对双边金融资本贸易的影响。研究表明,母国与东道国的制度质量对金融资本投资决策和投资规模均具有显著的促进作用,一系列的稳健性检验也证实了制度质量对双边金融资本贸易的作用是稳健的。而从标准化的系数来看,制度质量对双边资本贸易的影响更多地体现在"扩展边际",而非"集约边际"。We first introduced institution quality into the basic gravity model, which is thus expanded. Then we use the expanded gravity model to analyze the effects of institution quality on international financial capital transactions. The empirical analyses show that source and host countries＇ institution quality play an important role on investment decisions and investment scale, which has been confirmed by a series of robust tests. In addition, the standard regression coefficients of institution quality showed that the ＂extensive margin＂ of institution quality are much larger than the ＂intensive margin＂ .

关 键 词：制度质量 金融资本流动 引力模型 

分 类 号：F831[经济管理—金融学]