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通过建立一个开放经济环境下的两国跨期一般均衡模型,分析了收入分配不平等、金融自由化对经常项目的影响,并使用72个国家1973-2002年的跨国面板数据进行检验。实证结果显示:收入分配不平等对进口的影响在不同发展阶段的国家中存在差异;金融自由化程度加深不仅会促进进口,也会恶化经常项目并放大收入分配不平等对经常项目和进口的影响。进一步的分析显示:发展中国家国内收入分配不平等恶化会扩大经常项目顺差规模,而我国经常项目的结构性失衡根源在于国内收入分配不平等的加剧,维持合理的收入分配以及适度的金融自由化水平有助于我国经常项目结构性失衡的调整。
Abstract：This paper has established a two country inter-temporal general equilibrium model and analyzed the effects of income inequity and financial liberalization on current account and supplied empirical evidence to theoretical results by using 72countries panel data from 1973-2002.The empirical results show that income inequity presents different effects on import demand among distinct economies and financial liberalization would improve domestic import and express significant negative relationship with current account.However,domestic financial liberalization amplifies the effects of income inequity on current account and import demand.Further analysis reveals under the background of financial liberalization,internal income inequity would improve the surplus of current account in developing countries.The reason for structural imbalance of China's current account is internal income inequity.Thenefore,sustaining reasonable income distribution and financial liberalization are helpful to the adjustment of China's current account.
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①限于篇幅,具体的稳态求解及对数线性化过程省略。
基本信息:
DOI：10.19559/j.cnki.12-1387.2014.01.008
中图分类号:F832.6;F124.7;F224
引用信息:
[1]赵锦春,谢建国.收入分配不平等、金融自由化与经常项目调整——兼论中国经常项目失衡之谜[J].现代财经(天津财经大学学报),2014,34(01):92-107.DOI:10.19559/j.cnki.12-1387.2014.01.008.
基金信息:
国家社会科学基金项目(08CJY063);; 教育部人文社会科学研究基金项目(09YJA790102);; 江苏省“333”工程培养资金资助项目
2014-01-06
2014-01-06