资本流动与货币危机学术论文.doc
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资本流动与货币危机学术论文,【本文共10页 7200字】 【摘要】对于东亚货币危机，研究者有许多不同的解释。本文把重点放在资本流动与货币危机的关系上，认为东亚国家发生货币危机的一个重要原因是危机前过多的资本流入。而投资行为所具有的外部性是导致了过多的资本流入东亚地区，使得该地区的资本效率降低并出现不可持续经常帐户逆差，最...
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资本流动与货币危机学术论文
【本文共10页 7200字】
【摘 要】对于东亚货币危机，研究者有许多不同的解释。本文把重点放在资本流动与货币危机的关系上，认为东亚国家发生货币危机的一个重要原因是危机前过多的资本流入。而投资行为所具有的外部性是导致了过多的资本流入东亚地区，使得该地区的资本效率降低并出现不可持续经常帐户逆差，最终导致货币危机的发生。
【关键词】：货币危机、资本流动、外部性、经常帐户逆差、资本效率
[Abstract] A large number of different explanations have been offered for the Asian currency crises. This paper concentrates on the relation on capital inflows and currency crises, and argues that the overabundance of capital inflows to East Asian region was an important factor resulted in currency crises. The externality of investment was the cause of overabundance of capital inflows, and which gave rise to low capital efficiency and unsustainable current account deficit, and therefore, currency crisis took place.
[Keywords] currency crises, capital inflow, externality, current account deficit, capital efficiency
【目录】
一、概述
二、资本流动的原因及外资的过度流入
三、过高的外债规模与货币危机
四、结束语
参考文献
[1] Chang, Roberto and Andres Velasco (1998), “Financial Crises in Emerging Markets: A Canonical Model,” NBER Working Paper, No. 6606.
[2] Chang, Roberto and Andres Velasco (1999), “Liquidity Crises in Emerging Markets: Theory and Policy’”, NBER Working Paper, No. 7272
[3] Corsetti, Giancarlo and Paolo Pesenti and Nouriel Roubini (1998), “What Caused the Asian Currency and Financial Crises?” NBER Working Paper, No. 6834.
[4] Corsetti, Giancarlo and Paolo Pesenti and Nouriel Roubini (1999), “Paper Tigers? A Model of the East Asian Crises,” European Economic Review, Vol. 43, pp. 1211-36.
[5] Diamond, Douglas and Philip Dybvig (1983), “Bank Runs, Deposit Insurance, and Liquidity,” Journal of Political Economy, Vol. 91, pp. 401-19.
【本文共10页 7200字】
【摘 要】对于东亚货币危机，研究者有许多不同的解释。本文把重点放在资本流动与货币危机的关系上，认为东亚国家发生货币危机的一个重要原因是危机前过多的资本流入。而投资行为所具有的外部性是导致了过多的资本流入东亚地区，使得该地区的资本效率降低并出现不可持续经常帐户逆差，最终导致货币危机的发生。
【关键词】：货币危机、资本流动、外部性、经常帐户逆差、资本效率
[Abstract] A large number of different explanations have been offered for the Asian currency crises. This paper concentrates on the relation on capital inflows and currency crises, and argues that the overabundance of capital inflows to East Asian region was an important factor resulted in currency crises. The externality of investment was the cause of overabundance of capital inflows, and which gave rise to low capital efficiency and unsustainable current account deficit, and therefore, currency crisis took place.
[Keywords] currency crises, capital inflow, externality, current account deficit, capital efficiency
【目录】
一、概述
二、资本流动的原因及外资的过度流入
三、过高的外债规模与货币危机
四、结束语
参考文献
[1] Chang, Roberto and Andres Velasco (1998), “Financial Crises in Emerging Markets: A Canonical Model,” NBER Working Paper, No. 6606.
[2] Chang, Roberto and Andres Velasco (1999), “Liquidity Crises in Emerging Markets: Theory and Policy’”, NBER Working Paper, No. 7272
[3] Corsetti, Giancarlo and Paolo Pesenti and Nouriel Roubini (1998), “What Caused the Asian Currency and Financial Crises?” NBER Working Paper, No. 6834.
[4] Corsetti, Giancarlo and Paolo Pesenti and Nouriel Roubini (1999), “Paper Tigers? A Model of the East Asian Crises,” European Economic Review, Vol. 43, pp. 1211-36.
[5] Diamond, Douglas and Philip Dybvig (1983), “Bank Runs, Deposit Insurance, and Liquidity,” Journal of Political Economy, Vol. 91, pp. 401-19.
