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外文翻译译文
外文翻译译文

埃尔塞维尔科学出版社国际经济学杂志69 (2006)176 - 202

https://www.wendangku.net/doc/828090688.html,/locate/ec onbase

如何贸易和金融一体化的影响增长和波动之间的关系?

M. Ayhan Kose(高丝)* ,Eswar S.普拉萨德,马可波罗E. Terrones

国际货币基金组织研究部,华盛顿特区,20431 ,美国

2004年9月14日;在经修订的2005年4月19日收到;2005年5月31日接受

摘要

Ramey和Ramey有影响力的工作[ Ramey ,G. Ramey ,弗吉尼亚州,1995。越野

证据上的波动和经济增长之间的联系。美国经济评论85 ,1138年至1151年(十二月)。]突出的经验关系,现在已到了作为常规智慧,产量波动和经济增长是负相关。我们从全球化的角度重新审视这个观点——通常用来描述现象日益严重的背景下国际贸易和金融一体化,20世纪80年代中期以来愈演愈烈。使用全新的数据集,我们的文件,而基本的负增长之间的关联和波动一直保存在20世纪90年代,贸易和金融一体化显著削弱这种负相关关系。具体来说,我们发现,在一个波动的增长回归和其他系统中,估计系数波动和贸易之间的相互作用一体化是显著积极。我们找到一个类似的,虽然不太可靠,金融一体化相互作用的结果是波动的。

D爱思唯尔.2005年保留所有权利。

关键词:全球化,国际贸易和金融联系;宏观经济波动和经济增长

JEL分类:F41 ,F36 ,F15

*通讯作者。

E - mail地址:akose@https://www.wendangku.net/doc/828090688.html, (马高丝),eprasad@https://www.wendangku.net/doc/828090688.html, (ES普拉萨德),mterrones@https://www.wendangku.net/doc/828090688.html,(M. E. Terrones )。

0022-1996 / $ - 见前面的问题e 2005年爱思唯尔BV保留一切权利。

DOI :10.1016/j.jinteco.2005.05.009

M. A.高丝等。/国际经济学杂志69 (2006)176-202

在一个有影响力的报纸,Ramey和Ramey (1995)记录了实证关系,现在已到了传统智慧的波动和增长负相关。这是一个重要的结果,因为它表明,政策和外来冲击的影响波动也可能影响增长。因此,即使波动认为本质二阶的问题,它与经济增长的关系表明,波动可能间接地有一阶福利的影响。

贸易和金融一体化如何影响增长和之间的关系波动?本文试图回答这个问题,通过关注过去四十年中国际贸易的数量和资金流动上面的显著增加来分析回答(见Lane和Milesi - Ferretti ,2001年;Kose等,2005年,按- B )。跨国家的贸易联系,在过去四十年间一直稳步上升。另一方面,跨境资金流动,20世纪80年代中期才开始激增。虽然已具有广泛基础的,但只有一小部分相关的发展中经济体,通常被称为“bemerging市场”,有发生了显着的金融一体化,总资本在其边界流动。其中许多经济体都经历了快速增长,但也已受高波动性,在金融危机降临时,情况最为突出,大多数出现在过去的十年半中。

这种发展自然会导致怀疑,以更综合性的全球经济的角度看,增长和波动之间的关系发生了变化。在外部危机的工业国家和经济相对脆弱的发展中国家随时间的变化,也出现了增长波动的关系是否影响看似与不断上升的贸易和金融一体化相关的bgrowing painsQ的问题。换句话说,一个国家的发展水平和程度,是否成为进入这个国际市场的重要条件?

Ramey和Ramey的结果是基于一组1985年末的数据,只是当全球化的步伐开始回暖,也笼罩了一些发展中国家。正如我们在后面讨论的文件,最近的一些研究表明,负增长和波动之间的关系一直持续到20世纪90年代。然而,这些文件没有一个起到了提供一个严谨的分析上升的贸易和金融联系的作用。因此,本文的核心贡献,全面分析了贸易和金融一体化在推动增长的波动性关系的角色。

在第1节,我们提供了理论和实证文献的简要概述研究全球化对经济增长和波动的影响。虽然似乎是一个普遍认为,开放的贸易流动,刺激国内经济增长,但也是这种开放的情况,增加了外部冲击的脆弱性。金融一体化对经济增长和波动的影响不是太明显。因此,本文所涉及的问题本质上是一个实验性的。本次调查还表明,无论是现有理论研究还是实证的严格审查,都对增长波动的关系和增加贸易和金融联系有影响。我们的分析不采取贸易和金融一体化是否会影响生长和/或的波动,但更狭隘地集中在一体化本身是否会影响波动和经济增长之间的边际关系的问题上,以及其他的控制因素。

在第2节中,我们描述了在分析中使用的数据集。数据集的一个重要特征,包括了1960-2000年,它包含了一套完整的贸易和金融一体化的措施。在第3节,我们提供各种程式化的事实有关增长动态和波动随着时间的推移和国家的变化而产生变化。我们发现,增长波动的关系会因为不同的国家不同团体而变化,更重要的是,也会随时间而变化。这为更正式的第4节中,我们将使用各种回归模型来分析增长波动性关系的决定因素。

我们的回归结果表明,即使在20世纪90年代,波动和经济增长也只能最多容纳一个负截面。更重要的是,我们发现其结果对国家团体的选择很敏感。举个例子,比如,当在工业国家中有一个显著的积极的关系,这种关系在发展中国家之间就是显著的负面的。此外,发展中国家的增长和波动之间的关联,一定程度上取决于金融一体化的程度。在金融一体化的经济体系,关系似乎是积极的,而在金融一体化它却显示是负面的。

然后,我们使用横截面和面板回归,进行更正式的分析,包括对贸易和金融联系的变化影响这种关系的审查。使用平均每10年增长和波动的措施,当我们在增长的文献和波动和全球经济一体化的不同措施之间的相互作用的帐户中加入了标准控件,我们发现增长和波动之间存在负相关关系。

我们发现之间的负相关关系增长和波动生存的增长,当我们包括标准控件文学和帐户的波动

不同的措施之间的相互作用全球经济一体化。我们的主要结果是,贸易和金融一体化削弱了负增长的波动性的关系。具体来说,在增长波动和其他控制变量的回归中,我们发现我们发现,在波动和贸易一体化之间的相互作用的估计系数显著积极。我们找到一个类似的,虽然不太可靠,与金融一体化的波动相互作用的结果。

在第5节,我们使用多种鲁棒性检查来支持我们的主要结果。我们考虑不同的回归测试框架,进一步测试我们的研究结果的可靠性。特别是,我们采用固定效应回归,以捕捉特定国家的影响,最小绝对偏差回归来检查离群点来生成主要结果,和工具变量回归,考虑到一体化变量可能的内生性。结果表明,我们的主要结论与强大的固定效应存在相关的潜在问题,存在离群值和内生性问题。然后,我们研究其他控制变量的影响,代表各种可能的渠道增长的波动挂钩。第6最后简要介绍了未来研究的主要成果和可能的发展方向。

1.经济理论和实证研究之前的审查

通过审查大量文献,分析全球化对经济增长和波动的影响来开始时很有帮助的。不同的理论模型强调促进经济增长中贸易开放的重要性。同样,在理论上,有各种直接和间接的渠道,通过它增加资金流动可以促进经济增长。但是在经验方面,最近的研究一直未能建立一个金融一体化和经济增长之间的明确联系(例如,爱迪生等人,2002年)虽然有大量文献表明,贸易开放对经济增长产生积极的影响(例如,Sachs和Warner ,1995 ;弗兰克尔和罗默,1999; Dollar和Kraay ,2003年; Wacziarg和Welch ,2003 ),一些研究结果受到挑战,由罗德里格斯和Rodrik (2000)提出,他们提出关于贸易开放措施的问题,并关于这些studies.2就业的计量方法。

增加贸易和资金流动的理论对产出波动的影响取决于各种因素,包括这些流量的组成,图案专业化,冲击的来源。例如,金融一体化可以帮助降低资本贫穷的发展中国家的宏观经济波动提供资本,可以帮助这些国家的生产基地多样化。然而,金融一体化的上升可能还会导致越来越专业化生产基于比较优势的考虑,从而使特定行业的经济冲击(Kalemli -奥兹坎等,2003)更容易。此外,在资本流动方向的突然变化可能导致繁荣- 萧条周期,发展中国家没有强大的金融部门,以应付多变的资本流动(阿洪等人,1999年)。

最近的经验工作一直未能和宏观经济的波动建立一个强大的贸易之间的明确联系或金融方面的联系。大多数研究发现,在增加贸易开放的程度会导致更高的产量波动,特别是在发展中国家国家(东风等人,2001年。Kose(高丝)等,2003),虽然也有一些例外(布赫等,2002)。贝卡尔特等人。(2002年a ,b)发现,国内股市自由化与产出增长的波动性较低。IMF (2002 )也提供的证据表明,金融开放与发展中国家的产出波动相关性较低。相比之下,高丝等。(2003年)发现,金融一体化没有显著影响产量波动。

1 .普拉萨德等。(2003年)提供了理论和实证研究,分析金融一体化对经济增长的影响的审查

2 .鲍德温(2003年)和温特斯(2004 )提供广泛的贸易自由化和经济增长的文献调查。冬季(2004年)得出结论认为,bwhile方法存在着严重的挑战和分歧,有关证据的强度,最合理的结论是,自由化通常导致一个临时的(但可能是长寿)在growth.Q的增加

波动和增长是否应独立调查,而不是研究相关的现象,也得到了一些辩论。随机动态商业周期文学论文propounded认为趋势和周期之间的区别是人为的,因为两者的增长和波动都是同一种冲击的推动。然而,琼斯等人的讨论。(2000年),认为很难从这些模型中得到一个明确的波动和经济增长之间的关系的含义。在他们的模型,门多萨(1997年),约万诺维奇(2004)的研究表明,在一定的假设下,宏观经济波动对经济增长有负面影响。其他作者认为宏观经济波

((例如,布莱克本,1999年; Ranciere等,2003 ; Tornell等,2004)。动对经济增长具有有利影响。

输出波动和增长之间关系的直接的实证检验追溯到Kormendi和Meguire (1985)和格里尔和塔洛克(1989)的贡献,表明,这种关系是积极的。Ramey和Ramey (1995年的文件;今后简称RR )建立的基准测试结果,经济增长和波动负相关。使用一个数据集,包括92个国家和涵盖1950至1985年期间,他们表现出的关系,是强大的,后引进各种控制变量,包括投资占GDP 的比重,人口增长,人力资本,和最初的国内生产总值。

最近的工作,使用不同的方法和数据集大致趋于确认波动和经济增长之间的负相关关系。本论文包括马丁和罗杰斯(2000),法塔(2002年),Hnatkovska和Loayza (记者)。后两论文还研究贸易开放的作用,并得出结论认为,没有显著波动和经济增长之间的关系的影响。这些作者都没有看金融开放对这种关系的影响。

总之,从我们简短的调查采取的主要有四个观点。首先,经济理论认为,全球化对经济增长产生积极的影响,但不提供有关其波动的影响,或强劲的增长和波动之间的关系预测。其次,大量的实证研究表明,受到若干变数,往往是既促进贸易开放较高的增长又导致更大的波动。相比之下,最近的研究表明,金融开放对经济增长和波动的影响是不太清楚的。第三,最近几个实证研究显示,似乎证实了负增长和波动性之间的关系,在无条件条款和各种标准的增长因素的情况下的控制下。第四,无论是理论研究,还是实证都不能证实增加贸易和金融联系对经济增长波动的关系有影响。我们认为,不断上升的全球联系,尤其是金融方面的联系,构成一个重要的经济现象,在过去的二十几年时间里宏观经济波动和经济增长是如何相互作用的。这从现有的文献出发证实了我们的一个观点。

2.数据集

我们使用一个大型的数据库包括工业,以及发展中国家的数据研究经济增长和波动之间的关系。完整描述了数据的设置包括国家和变量及其说明的清单来源,在我们的工作文件的附录中提供数据(高丝等。2005年)。

3.CATA ?O和卡普尔(2004 )在相关研究中,发现输出的波动起着确定的一些发展中国家的主权风险评级的主要作用。最近的几项研究的总结,看到高丝等。(记者-B )和Aizenman和平托(新闻)。

虽然是基本数据集,但我们使用的是宾州世界表的最新版本(赫斯顿等,2002),我们将各种其他来源的数据对其进行补充,包括世界银行和国际货币基金组织的数据库中的数据。我们的数据集包括年度数据在1960-2000年期间的85个国家的21个工业和64的样本发展。它有可能聘请一个更全面的国家覆盖面在RR中使用的基本增长波动回归。然而,我们的主要目标是分析贸易和金融开放如何影响这一基本关系和金融开放的数据,原来是设置任何进一步扩大数据覆盖范围的一个主要制约因素。

在接下来的两节的描述分析中,我们划分发展中国家成两个群体——经济金融一体化(MFI)和少财政综合(LFI )经济。有23 MFI和41 LFI经济在我们的样本中。前者实际上构成新兴市场,近几十年来,净资本的很大一部分从工业向发展中国家为流入,正如我们在下一节中记录的。工业国家的经合组织经济体在实证分析中使用的数据是可用的子样本对应。

在我们的分析中,我们使用了两个贸易一体化的措施。首先是一个二进制的措施,基于贸易的日期自由化采取Wacziarg和Welch (2003),延长Sachs和Warner (1995年)建造的数据。当一个国家的贸易体制是开放的,这项措施的结果趋向1,否则为0。贸易自由化的日期是基于一个国家的案例研究的详细审查。高盛和华纳(1995年),提出了另一个二进制开放措施。这是基于在某种程度上的另一个开放的二进制措施,一个国家的贸易政策的限制性。双方Rodriquez 和Rodrik (2000)Wacziarg和Welch (2003年)已经确定了后者的一些重大缺陷措施。因此,我们用我们的实证分析,因为前者措施开放日期捕捉贸易政策的重大变化,如由Wacziarg和韦尔奇(2003)指出,这些都是较可靠的限制性措施。贸易一体化的第二项措施是一项持续的,广泛用于文学的进口和出口对国内生产总值的总和的比例。

为了衡量金融一体化的程度,我们再次采用二进制和连续测量。当股市正式开放时,我们的二进制措施值为1,否则为零。大多数官方对个别国家的金融自由化的日期是从贝卡尔特中来的。(2002年 a ,B )卡明斯基和施穆克勒(2003)一个正式的股票市场自由化的年代是基于监管变化的日期和外国人获准进入本地市场的日期前的纸质文件。后者提供了一个基于年表金融自由化,放松资本管制的日期帐户,国内金融业和股市。衡量我们的第二次金融一体化的资本流动总额占GDP的比率是类似的贸易开放度比。

我们的二进制指标可以被视为法律上的贸易和金融一体化,当持续的措施用于捕捉事实上的一体化。在法律上和事实上的措施之间的区别认识以来,一直保持着对资本账户交易的控制,许多经济,金融一体化的影响尤其重要的是发现他们在很多情况下无效,特别是在资本外逃事件的背景下。连续的措施还捕捉在贸易和金融一体化优于二进制程度随时间的变化,因为它们反映在每年的贸易和资金流动的变化。

4.我们还尝试使用替代措施的基础上在我们的回归自由化日期的限制性措施。大多保存的主要成果。

5.由于这些日期是不是一致的基础上一些国家在我们的样本,我们使用国际货币基金组织的各种来源,以完成一套自由化日期.我们还尝试与其他金融一体化的二进制经常账户和资本账户的限制措施。这些措施包括经常项目和资本账户交易的支付限制,出口投降的要求,和多重汇率。在使用的替代二进制措施的不定性影响我们的主要结论。。

文学硕士高丝等。/国际经济学杂志69 (2006 )176-202

3.动态增长和波动

本节首先讨论了对经济增长的演变和一些程式化的事实随着时间的推移和国家的不同群体之间的波动,其次是一个简短的之前和之后的金融和贸易自由化的增长波动性的动态描述性分析。

表1列出的第一列,不同的国家集团,在过去四十年的产量增长速度的水平和波动的横截面中线。产出增长率的标准差是衡量波动。在整个样本期间,产量增长最高的工业国家,其次是小额信贷机构的经济,然后LFI经济体的平均。顺序是相反的产出波动。因此,在一个非常粗糙的水平,也有负增长和波动性之间的横断面关系的迹象。

通过对波动性增长(图1a)横断面图证实了这一点。实际上,这是更新版本的基本RR回归。在三个国家中的关系是不一样的。像RR一样,我们找到了增长和波动性之间的工业国家和发展中国家间的负一(图1B ,C)之间的正相关关系。但也不同于发展中国家之间的关系。虽然这是强烈的负面LFI经济体,它是阳性组间的MFI经济体(图2A和B )。这些结果表明,有必要考虑到贸易和金融一体化的程度,同时研究增长和波动性之间的关系。

在宏观经济波动模式下,随着时间的推移变化(1表2-5列)显示,平均产量的增长和波动在工业化国家在过去二十年都下降了。LFI经济体看到了在20世纪80年代,他们的平均产出增长率的下降,随后反弹,在20世纪90年代,虽然增长仍然低于20世纪70年代的相应水平。波动的演变是跨越这两个群体的,小额信贷机构的经济在20世纪80年代经历了波动小幅增加,而LFI

在过去二十年,每年的波动性显著下降。从非常广阔的范围上,在经济增长和波动上是很难检测到一个稳定的时间序列关系的,这在不同国家集团中是一致的。

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6.普拉萨德等。(2003年),为金融一体化这两个概念,并分别测量他们的影响之间的关系进行讨论。

7.它已被广泛记载,自上世纪70年代以来一直在稳步下降,工业化国家的宏观经济总量的波动(见,例如,股票和沃森,2004年,高丝等,2004)。

文学硕士高丝等。/国际经济学杂志69 (2006 )176-202

8.为了检查上述讨论的结果是否可以产生平均十年的影响,我们绘制的平均水平,为不同国家,使用10年的滚动窗口组和产出增长的波动。一般保存在表1的结果定性特征,表明十年平均使用不开车或扭曲的数据,在这些广泛的模式中。这些结果是要求作者提供的。高丝等人。(按二)检查各种增长和波动的演化随着时间的推移宏观经济总量。

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