论文部分内容阅读
本文基于私人消费和净产出关系测度国际资本流动水平,采用混合OLS、Swamy随机系数模型和状态向量空间三种计量方法比较分析“金砖国家”国际资本流动水平和变化过程,进而评估各国国际金融的发展水平和系统稳健性。结果表明:“金砖国家”总体国际金融发展水平较低且各国之间存在较大差异性,其中印度一直保持对资本流动的严格管制,而南非对资本管制一直相对宽松。俄罗斯的资本流动水平最高,但其变化最为剧烈,中国和巴西的资本流动水平和变化程度则处于中间位置。各国应重新审视自身存在的问题,促进国际金融健康发展。
This paper measures the level of international capital flows based on the relationship between private consumption and net output, and uses the three methods of mixed OLS, Swamy stochastic coefficient model and state vector space to compare and analyze the international capital flows and the changing process of “BRICS countries” The level of international financial development and systemic robustness in various countries. The results show that the overall level of international financial development in the BRICS countries is relatively low and there are big differences among countries. India has always maintained strict control over capital flows while South Africa has been relatively relaxed in capital controls. Russia has the highest level of capital flows but its change is the most dramatic, with capital flows and changes in China and Brazil at the center. All countries should re-examine their existing problems and promote the healthy development of international finance.