在全球经济失衡的背景下,传统的国际资本流动研究认为国际资本流动在很大程度上是由国家间收益率差决定,忽视了更深层次的问题人口结构对资本流动的影响。本文以生命周期理论为理论依据,以人口结构、储蓄、投资、经常账户为研究对象解释经常账户余额与国际资本流动的关系,并得出相应结论。 In the context of the global economic imbalance, the study of the traditional international capital flows shows that the international capital flows are largely determined by the yield difference between countries, ignoring the deeper problem population structure’s impact on capital flows. Based on the theory of life cycle, this paper takes population structure, saving, investment and current account as the research object to explain the relationship between current account balance and international capital flow and draws corresponding conclusions.