制度质量与短期国际资本流动——基于23个新兴市场国家和地区的经验研究  

Institutional Quality and Short-Term International Capital Flows——Empirical Research Based on 23 Emerging Market Countries and Regions

作　　者：王柏杰[1] 曾湘棋 WANG Bai-jie;ZENG Xiang-qi(School of Humanities,Economics and Law,Northwest Polytechnical University,Xi'an 710072;School of Economics,Nankai University,Tianjin 300071,China)

机构地区：[1]西北工业大学人文与经法学院,陕西西安710072 [2]南开大学经济学院,天津300071

出　　处：《山西财经大学学报》2020年第1期42-55,共14页Journal of Shanxi University of Finance and Economics

基　　金：中央高校基本业务费项目“经济新常态下地方政府性债务的经济效应研究（3102017jc19015）”;国家自然科学基金“互联网背景下成长型中小企业融资选择有效性研究（71803109）”;教育部人文社会科学研究青年基金“成长型中小企业网络创新融资选择研究（18YJC790085）”;陕西省社科界重大理论与现实问题研究项目（2018Z009）

摘　　要：本文以23个新兴市场国家和地区2002-2017年的数据为样本,估计制度质量对短期国际资本流动的影响。研究发现:一个国家(地区)的综合制度质量与短期资本流入存在着显著的正向关系;进一步分析发现,经济、政治、法律制度质量也会对短期国际资本的流入产生积极影响;该结论也通过了稳健性检验。因此,改善制度质量、保护投资者权利等措施有利于促进国际资本流入,各国政府应当通过合理控制宏观因素以有效管控短期资本流动,防范系统性金融风险。Based on the data of 23 emerging market countries and regions from 2002 to 2017,this paper estimated the impact of institutional quality on short-term international capital flows. The study finds that comprehensive institutional quality in certain country(region) has positive correlation with short-term capital inflows. Further analysis finds that the quality of economic system,political system and legal institutions also positively affects short-term international capital inflows. Meanwhile,robustness test has passed significant test. Therefore,the improvement of institutional quality and the strengthening of the protection for investors’ rights are both beneficial for international capital inflows. For governments,they should effectively control short-term capital flows and prevent systemic financial risk by controlling macro-factors reasonably.

关 键 词：制度质量 短期国际资本流动 新兴市场国家 主成分分析 系统GMM 

分 类 号：F381[经济管理—产业经济]