经济政策不确定性对国际证券资本流动的影响研究  

Research on the Impact of Uncertainties of Economic Policies on International Security Capital Flows

作　　者：邓闯 DENG Chuang(Yiwu Graduate School,China Jiliang University Yiwu,Zhejiang 322000)

机构地区：[1]中国计量大学义乌研究生院,浙江义乌322000

出　　处：《中国商论》2022年第21期98-100,共3页China Journal of Commerce

基　　金：浙江省属高校基本科研业务费专项资金资助(2021YW59)。

摘　　要：2008年的金融危机及2020年全球新冠疫情等事件的爆发,增加了全球经济政策的不确定性,加大了国际证券资本流动的波动。本文基于21个国家2001—2019年的年度数据,实证分析了东道国和母国经济政策不确定性分别对国际证券资本流动的影响。实证结果发现,母国和东道国的经济政策不确定性对证券资本流动产生异质性影响;母国经济政策不确定性对母国证券投资投出产生正向影响;东道国经济政策不确定性阻碍东道国证券投资流入;母国经济政策不确定性与东道国经济政策不确定性的差距对国际证券资本流动产生正向影响,导致资本流出母国,流向东道国,与证券资本流动呈现正相关。With the outbreak of events such as the fi nancial crisis in 2008 and the pandemic in 2020,the uncertainty of global economic policies has increased and the volatility of international security capital fl ows has increased.Based on annual data for 21 countries from 2001 to 2019,this paper empirically analyzes the impact of uncertainties of economic policies in host and home countries on international security capital fl ows,respectively.The empirical results fi nd that uncertainties of economic policies in home and host countries have a heterogeneous impact on security capital flows;uncertainties of economic policies in home countries positively affect security investment outflows in home countries;uncertainties of economic policies in host countries hinder security investment inflows in host countries;and the gap between uncertainties of economic policies in home countries and those in host countries positively aff ects international security capital fl ows,leading to capital outfl ow from the home countries to the host countries,which is positively related to security capital fl ows.

关 键 词：经济政策不确定性 国际证券投资 金融发展水平 引力模型 

分 类 号：F831.7[经济管理—金融学]