发达经济体的金融创新如何影响了新兴市场经济体?——兼论中国的金融改革 阅读全文
下载全文 |
Title | How Financial Innovations in Developed Markets Affect Emerging Markets?——A Collateral Equilibrium Approach
|
作者 | 王永钦 杜巨澜 |
Author | Wang Yongqin and Du Julan |
作者单位 | 复旦大学;香港中文大学经济系 |
Organization | Fudan University; The Chinese University of Hong Kong |
作者Email | yongqinwang@fudan.edu.cn;julandu@cuhk.edu.hk |
中文关键词 | 金融创新、资产泡沫、经济增长、金融开放 |
Key Words | Financial innovation, bubbles, growth, financial integration |
内容提要 | 在过去三十年中,世界金融体系发生了深刻的变化,资产证券化的创新和影子银行的兴起带来了繁荣和危机,而现有的国际金融文献较少关注这个维度。本文通过最新的抵押资产一般均衡(Collateral Equilibrium)方法研究了金融创新是如何通过国际资本流动影响各国的资产价格(资产泡沫)与经济增长,并如何影响了金融危机的国际传导的。这种方法下,金融市场的完全程度、资产价格和产出水平都是内生决定的。本文的研究发现:对发达经济体(如美国)而言,金融一体化可以提高其资产价格、提高其产出水平;对新兴市场经济体(如中国)而言,当金融发展差距较小时,金融一体化可以提高其资产价格、提高其产出水平,而当金融发展差距较大时,金融一体化会使其资产价格和产出水平下降。在金融一体化的情况下,在发达经济体的金融创新依次从杠杆经济 证券化经济 引入信用违约互换(CDS)经济的发展过程中,新兴市场经济体的资产价格和产出水平会逐步下降;金融一体化也会导致金融危机在新兴市场经济体发生。有意思的是,中国过去几年的金融发展也基本上遵循了杠杆经济 证券化经济 引入信用违约互换(CDS)经济的过程。本文的研究对于理解中国的金融创新(例如杠杆化、证券化和引入CDS)与金融开放、及其对实体经济的影响具有重要的政策含义。 |
Abstract | The rise of securitization markets and shadow banking has changed the international financial landscape, yet has been little explored by scholars. Using a collateral equilibrium framework, this paper studies how financial innovations in developed markets (DMs) affects asset prices and growth in emerging markets (EMs). The paper finds that in DMs, financial innovations under financial integration can increase asset prices and output. In EMs, when the financial development gap is small, financial integration can increase asset prices and output. When the financial development gap is large, financial integration decreases asset prices and output. When financial innovations in DMs progresses from a leverage economy to tranche economy and then to a CDS economy, financial integration will decrease EM asset prices and output levels gradually. This research can shed light on China’s financial innovations and financial opening, as China’s financial development has followed the leverage economy tranche economy CDS economy path. |
文章编号 | WP1251 |
登载时间 | 2018-01-04 |
|