资本流动、金融发展与新兴经济体的实际汇率变动  

Capital Flows, Financial Development and Changes in the Real Exchange Rate in Emerging Economices

作　　者：张伯伟[1] 张克菲[1] 

机构地区：[1]南开大学经济学院

出　　处：《南开学报（哲学社会科学版）》2015年第3期138-148,共11页Nankai Journal:Philosophy,Literature and Social Science Edition

基　　金：教育部重点研究基地重大项目(11JJD810025);中央高校基本科研业务费专项资金重点学科骨干人才项目(NKZX1110)

摘　　要：运用2000-2012年19个新兴经济体的数据对金融发展在资本流动对实际汇率的影响中所起的作用进行实证分析表明,FDI和收益流均会显著地引发实际汇率升值,金融发展将稀释这种升值效应,但从长期来看,FDI会导致实际汇率贬值,而金融发展水平在其中的影响程度不大。证券投资与实际汇率的相关关系较弱,金融发展水平在其中的影响也不显著。The study of the economic data of 19 emerging economies from 2000 to 2012 and the empirical analysis of the function of financial development in capital flow＇ s impact upon real exchange rate show that FDI and earnings flow will significantly raise real exchange rate, but the development of finance will dilute this effect. However, in the long run, FDI will lead to the devaluation of real exchange rate, and the level of financial development has only limited significance. The correlation between securities investment and real exchange rate is relatively weak, and the financial development of an economy has only limited impact upon this relationship.

关 键 词：资本流动 金融发展 实际汇率 

分 类 号：F832.6[经济管理—金融学] F224