資本流動(dòng)與貨幣危機(jī)學(xué)術(shù)論文
【本文共10頁 7200字】
【摘 要】對于東亞貨幣危機(jī)，研究者有許多不同的解釋。本文把重點(diǎn)放在資本流動(dòng)與貨幣危機(jī)的關(guān)系上，認(rèn)為東亞國家發(fā)生貨幣危機(jī)的一個(gè)重要原因是危機(jī)前過多的資本流入。而投資行為所具有的外部性是導(dǎo)致了過多的資本流入東亞地區(qū)，使得該地區(qū)的資本效率降低并出現(xiàn)不可持續(xù)經(jīng)常帳戶逆差，最終導(dǎo)致貨幣危機(jī)的發(fā)生。
【關(guān)鍵詞】：貨幣危機(jī)、資本流動(dòng)、外部性、經(jīng)常帳戶逆差、資本效率

[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
【目錄】
一、概述
二、資本流動(dòng)的原因及外資的過度流入
三、過高的外債規(guī)模與貨幣危機(jī)
四、結(jié)束語
參考文獻(xiàn)
[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.