政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/33997

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/33997

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政大機構典藏 > 商學院 > 金融學系 > 學位論文 > Item 140.119/33997

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/33997

題名:	金融帳與全球經濟失衡
作者:	廖詩奇
貢獻者:	江永裕廖詩奇
關鍵詞:	金融帳全球經濟失衡經常帳赤字儲蓄投資 financial account global imbalance current account deficit saving investment
日期:	2006
上傳時間:	2009-09-17 19:03:20 (UTC+8)
摘要:	經濟失衡的議題在20世紀末受到注意，泛指先進國家與新興國家經常帳發展不對稱的情形，尤以美國經常帳赤字的惡化為核心。由於經濟失衡的現象讓未來全球的經濟成長添加了變數，經濟失衡的原因即成為專家學者間熱烈討論的議題；其中以儲蓄和投資相關的討論最多。有不少學者認為導致全球經常帳失衡的原因是美國儲蓄太低且過度消費，中國為首等新興國家卻又過度儲蓄、投資不足。作者則認為英國、日本為融通美國經常帳赤字的重要來源；先進的小國（盧森堡、新加坡、南韓、比利時）集中投資美國也是造成美國鉅額經常帳赤字的主要原因之一。另外，隨著能源價格的飆漲，油元的勢力以及其對全球經濟失衡現象所造成的影響也不容小覷。本文以貿易依存度的高低區分出「外貿型」與「內需型」的國家，並且觀察到國際間資金淨流動的方向大致符合以下的趨勢：「外貿型」的國家傾向融資「內需型」的國家；同時金融規模較小的國家融資金融規模較大的國家。另外，金融部門的規模也和跨國資金移動的規模有關。金融規模越大的國家，跨國移動的資金規模越龐大。針對以上的觀察，作者從資金的供給與需求以及金融部門的功能提出解釋。
參考文獻:	Alfaro, L., S. Kalemli-Ozcan, and V. Volosovych (2005a), “Capital Flows in a Globalized World: The Role of Policies and Institutions,” NBER Working Paper No.11696 Alfaro, L., S. Kalemli-Ozcan, and V. Volosovych (2005b), “Why Doesn’t Capital Flow from Rich to Poor Countries – An Empirical Investigation,” NBER Working Paper No.11901 Backus, David K., E. Henriksen , F. Lambert, and C. Telmer (2006), “Current Account Fact and Fiction,” unpublished manuscript, Available via the Internet: http://pages.stern.nyu.edu/~dbackus/CA/BHLT%20latest.pdf Barth, J.R., G. Caprio Jr., and R. Levine (2002), “The Regulation and Supervision of Banks Around the World,” World Bank Research, Available via the Internet: http://www.worldbank.org/research/projects/bank_regulation.htm Beck, T. and R. Levine (2000), “Industry Growth and Capital Allocation: Does Having a Market- or Bank-based System Matter?” Journal of Empirical Finance, Vol. 64, 147-180 Beck, T., R. Levine, and A. Demirguc-Kunt (2000), “A New Database on Financial Development and Structure,” World Bank Economic Review, Vol. 14, 597-605 Available via the Internet: http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,,contentMDK:20696167%7EpagePK:64214825%7EpiPK:64214943%7EtheSitePK:469382,00.html (2006) Bernanke, Ben S. (2005), “The Worldwide Saving Glut and the US Current Account Deficit,” remarks at the Sandridge and Homer Jones Lectures Bertaut, Carol C., W. L. Criever, and R. W. Tryon (2006), “Understanding US. Cross- Boarder Securities Data,” Federal Reserve Bulletin, Available via the internet: http://www.federalreserve.gov/pubs/bulletin/2006/cross_border_securities.pdf Bosworth, B. and L. Bell, “The Decline in Household Saving: What Can We Learn from Survey Data?” Working Paper No. 2005-15, Center for Retirement Research (Dec. 2005) Buffett, Warren E. (2003), “America’s Growing Trade Deficit is Selling the Nation Out from Under Us,” Fortune Burton, M. and R. Lombra (2000), The Financial System &The Economy: Principles of Money and Banking (2nd ed.), South Western College Publishing Caballero, R., E. Farhi, and P. Gourinchas (2006), “An Equilibrium Model of “Global Imbalances” and Low Interest Rates,” NBER Working Paper No. 11996 Engel, Charles, and John H. Rogers (2006), “The US Current Account Deficit and the Expected Share of World Output,” NBER Working Paper No. 11921 Esty, B. C. (2003), “When Do Foreign Banks Finance Domestic Investment? New Evidence on the Importance of Legal and Financial Systems,” Available via the internet: http://207.36.165.114/Denver/Papers/Esty%20Foreign%20Banks%2012-19-02.pdf Evans, M. and V. Hnatkovska (2005), “International Capital Flows Returns and World Financial Integration,” NBER Working Paper No. 11701 Greenspan, A. (2004), “The Evolving US Payments Imbalance and its Impact on Europe and the World,” Cato Journal, Vol. 24, No. 1-2, Spring/Summer IMF (2004), “Emerging Markets As Net Capital Exporters,” IMF Global Financial Stability Report, 121-159 Kramer, C. (2006), “Asia’s Investment Puzzle,” Finance and Development, Vol 43 No.2 32-36 Lane, Philip R. (2004), “Empirical Perspectives on Long-Term External Debt,” Topics in Macroeconomics, Vol 4 Lane, Philip R. and G. M. Milesi-Ferretti (2005), “A Global Perspective on External Positions,” IMF Working Paper 05/161 Loayza, N.,K. Schmidt-Hebbel, and L. Serven (2000), “What Drives Private Saving across the World,” The Review of Economics and Statistics, 82:2,165-181 Lucas, Robert (1990), “Why Doesn’t Capital Flow from Rich to Poor Countries,” American Economic Review 80, 92-96 Lusardi, A., J. Skinner, and S. Vent (2001), “Saving Puzzles and Saving Policies in the United States,” NBER Working Paper No. 8237 Mccown, T. A., L. C. Plantier, and J. Weeks (2006), “Petrodollars and Global Imbalances,” occasional paper No. 1, Department of the Treasury Office of International Affairs, Abailable via the internet: http://www.treas.gov/offices/international-affairs/occasional-paper-series/docs/petrodollars.pdf Nguyen, Elena L. (2005), “The International Investment Position of the United States at Yearend 2004,” Survey of Current Business, 30-39 Nsouli, Saleh M. (2006), “Petrodollar Recycling And Global Imbalances ,” Presentation Note, IMF, Available via the internet: http://nccu.edu.tw/cgi-bin/downfile/DL39O27K45863B381D80018D99018_1.html/Petrodollar_Recycling_And_Global_Imbalances_--_Presentation_by_Saleh_M._Nsouli,_Director,_Offices_in_Europe,_International_Monetary_Fund.html Obstfeld, M. and K. Rogoff (2005), “Global Current Account Imbalances and Exchange Rate Adjustments,” Working Paper, University of California, Berkeley Parker, Jonathan A. (1999), “Spendthrift in America? On the Two Decades of Decline in the U.S. Saving Rate” NBER Working Paper No. 7238 Portes, R. and H. Rey (2005), “The Determinants of Cross-Border Equity Transaction Flows,” Journal of International Economics , Available via the internet: http://faculty.london.edu/rportes/research/crossborder.pdf Rajan, R. G. and L. Zingales (1996), “Financial Dependence and Growth,” NBER Working Paper No. 5758 Rajan, Raghuram (2005), “Global Current Account Imbalance: Hard Landing or Soft Landing,” Conference Paper, Credit Suisse First Boston Reinsdorf, Marshall B. (2005), “Saving, Wealth, Investment, and the Current-Account Deficit,” Survey of Current Business, Vol. 85 No. 4 Roach, Stephen (2004),“Twin Deficits at the Flashpoint?,” Morgan Stanley, Global Economic Forum Roubini, Nouriel and Brad Setser (2004), “The US as a Net Debtor: The Sustainability of the US External Imbalances,” unpublished manuscript , Available via the internet: http://pages.stern.nyu.edu/~nroubini/papers/Roubini-Setser-US-External-Imbalances.pdf Smith, W. and M. Hallward-Driemeier (2005), “Understanding the Investment Climate,” Finance & Development, Vol 42, 40-43 Stiglitz, Joseph (2004), “This Can’t Go On Forever—So It Won’t,” Guardian Summers, Lawrence H. (2004), “The United States and the Global Adjustment Process,” Stavros S. Niarchos Lecture, Institute for International Economics Wei, Shang-Jin (2000), “Local Corruption and Global Capital Flows,” Brookings Paper on Economic Activity, 303-346 Wei, Shagn-Jin and Yi Wu (2002), “The Life-And-Death of Implications of Globalization,” NBER Inter-American Seminar in Economics, Monterrey, Mexico
描述:	碩士國立政治大學金融研究所 93352029 95
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0093352029
資料類型:	thesis
顯示於類別:	[金融學系] 學位論文

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