金融发展中的国际贸易：理论与实证研究
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摘要
金融发展理论认为金融发展通过优化发展中国家的资源配置,能够促进经济
增长,它的提出对于发展中国家具有重要意义。另一方面,国际贸易理论也已证
明了,国际贸易是经济增长的引擎之一。贸易自由化通过影响一国的资源配置,
从而有力地促进经济增长。
但是,金融发展和国际贸易这两者之间有什么联系?金融发展能否促进国际
贸易的发展?如果能够促进的话,通过什么样的机制和渠道?……等等这些问题
都被忽略了。然而,研究金融发展和国际贸易关系却具有重要意义。因此这种忽
略不能不说是金融发展理论的不足。本文拟对这个新兴的研究主题进行系统的理
论和实证研究。
本文共分为七章。第一章是导论,介绍了金融发展理论和国际贸易理论关于
经济增长的研究成果,并提出了本文的研究问题。从第二章到第四章遵循着这一
逻辑演进路径:首先研究了金融抑制对国际贸易造成的扭曲;其次研究了金融约
束战略对国际贸易所可能造成的影响,并对其作了评价;接着研究了金融发展对
国际贸易的推动;接着是汇率制度变化对国际贸易的影响。第六章是对多国进行
的实证研究,目的是想对金融发展和国际贸易之间的理论关系进行检验。第七章
是针对中国改革开放后金融发展和国际贸易之间的关系作一分析和检验。本文的
主要工作和研究结论如下:
1.本文系统地研究了从金融抑制到金融约束到金融发展各个阶段对国际贸
易的扭曲或影响,研究表明,金融发展在多个方面影响国际贸易。
2.本文系统地研究了金融抑制对国际贸易造成的扭曲,认为金融抑制是扭曲
国际贸易的一个重要因素,这个因素和其他对贸易的限制结合起来,会对发展中
国家的贸易发展带来较大的负面影响。
3.本文第一次研究了金融约束对国际贸易所产生的影响,认为金融约束会影
响到一国贸易的增长和结构的优化,但是,对于金融约束的滥用和过分夸大,又
应该引起警惕。
4.本文较系统地研究了随着金融的深化,汇率及汇率制度的变化对国际贸易
所产生的影响,总的结论是随着该过程的发展,对国际贸易有着积极的影响。
5.本文对金融发展和国际贸易之间的关系进行了跨国实证研究,研究结果支
持了金融发展和国际贸易之间理论上存在的关系。
6.本文第一次对中国改革开放后的金融发展和国际贸易问题做了研究。对改
革开放后中国金融发展和国际贸易的实证研究结果表明,二者之间并不存在长期
的关系。对于这个和全文的理论分析相悖的问题,我们给予了解释和分析。
The theory of financial development argues that financial development can
accelerate economic growth by optimizing the allocation of resources in the
developing countries. This theory is very significant to the developing countries. On
the other hand, the theory of international trade has proved that international trade is
one of engines of economic growth. By optimizing the allocation of resources in one
economy, free international trade can accelerate its economic growth.
However, is there a link between financial development and international trade?
Can financial development accelerate the development of international trade? If the
answer is yes, what are the means and mechanism by which the financial development
can affect the development of international trade? All the questions above are almost
ignored in the previous literature, which is the insufficiency of the theory of financial
development. The dissertation focuses the relation between the two, and explores the
emerging topic theoretically and empirically.
There are seven chapters in this dissertation. The first chapter is the introduction
of previous researches about economic growth in the theory of financial development
and international trade, after which the main topic of the dissertation is put forward.
The following three chapters (from Chapter2 to Chapter5) are organized as follows:
Firstly, we study the distortion of international trade due to financial repression.
Secondly, the impacts of financial restraint on international trade are examined and
commented. Thirdly, we explore how the financial development promotes the
international trade. Finally, the impacts of the exchange rate system’s changes on
international trade are explored. In Chapter 6, we test the theory of the relation
between financial development and international trade developed in previous chapters
by econometric methods. In Chapter 7, we analyze and test the relationship between
financial development and international trade in China after 1978, in which year
China began its reform and opening to the outside world. The main research work and
research conclusion are as follows:
II
This dissertation studies systematically the impacts that financial development
may have on international trade, including three stages: financial repression, financial
restraint, and financial development. The conclusion is that financial development can
affect international trade in many aspects.
This dissertation makes a systematic study on the distortion of financial
repression on international trade and the active impacts that financial restraint may
have on international trade. But the benefits of financial restraint on international
trade shouldn’t be overstated.
This dissertation makes a cross-country empirical study on the relationship
between financial development and international trade, the results confirm the
relationship between them in theory.
This dissertation makes a systematic study firstly on the relationship between
financial development and international trade in China after 1978. We find there is no
relation between them in the long run, and the reasons are explained.
增长,它的提出对于发展中国家具有重要意义。另一方面,国际贸易理论也已证
明了,国际贸易是经济增长的引擎之一。贸易自由化通过影响一国的资源配置,
从而有力地促进经济增长。
但是,金融发展和国际贸易这两者之间有什么联系?金融发展能否促进国际
贸易的发展?如果能够促进的话,通过什么样的机制和渠道?……等等这些问题
都被忽略了。然而,研究金融发展和国际贸易关系却具有重要意义。因此这种忽
略不能不说是金融发展理论的不足。本文拟对这个新兴的研究主题进行系统的理
论和实证研究。
本文共分为七章。第一章是导论,介绍了金融发展理论和国际贸易理论关于
经济增长的研究成果,并提出了本文的研究问题。从第二章到第四章遵循着这一
逻辑演进路径:首先研究了金融抑制对国际贸易造成的扭曲;其次研究了金融约
束战略对国际贸易所可能造成的影响,并对其作了评价;接着研究了金融发展对
国际贸易的推动;接着是汇率制度变化对国际贸易的影响。第六章是对多国进行
的实证研究,目的是想对金融发展和国际贸易之间的理论关系进行检验。第七章
是针对中国改革开放后金融发展和国际贸易之间的关系作一分析和检验。本文的
主要工作和研究结论如下:
1.本文系统地研究了从金融抑制到金融约束到金融发展各个阶段对国际贸
易的扭曲或影响,研究表明,金融发展在多个方面影响国际贸易。
2.本文系统地研究了金融抑制对国际贸易造成的扭曲,认为金融抑制是扭曲
国际贸易的一个重要因素,这个因素和其他对贸易的限制结合起来,会对发展中
国家的贸易发展带来较大的负面影响。
3.本文第一次研究了金融约束对国际贸易所产生的影响,认为金融约束会影
响到一国贸易的增长和结构的优化,但是,对于金融约束的滥用和过分夸大,又
应该引起警惕。
4.本文较系统地研究了随着金融的深化,汇率及汇率制度的变化对国际贸易
所产生的影响,总的结论是随着该过程的发展,对国际贸易有着积极的影响。
5.本文对金融发展和国际贸易之间的关系进行了跨国实证研究,研究结果支
持了金融发展和国际贸易之间理论上存在的关系。
6.本文第一次对中国改革开放后的金融发展和国际贸易问题做了研究。对改
革开放后中国金融发展和国际贸易的实证研究结果表明,二者之间并不存在长期
的关系。对于这个和全文的理论分析相悖的问题,我们给予了解释和分析。
The theory of financial development argues that financial development can
accelerate economic growth by optimizing the allocation of resources in the
developing countries. This theory is very significant to the developing countries. On
the other hand, the theory of international trade has proved that international trade is
one of engines of economic growth. By optimizing the allocation of resources in one
economy, free international trade can accelerate its economic growth.
However, is there a link between financial development and international trade?
Can financial development accelerate the development of international trade? If the
answer is yes, what are the means and mechanism by which the financial development
can affect the development of international trade? All the questions above are almost
ignored in the previous literature, which is the insufficiency of the theory of financial
development. The dissertation focuses the relation between the two, and explores the
emerging topic theoretically and empirically.
There are seven chapters in this dissertation. The first chapter is the introduction
of previous researches about economic growth in the theory of financial development
and international trade, after which the main topic of the dissertation is put forward.
The following three chapters (from Chapter2 to Chapter5) are organized as follows:
Firstly, we study the distortion of international trade due to financial repression.
Secondly, the impacts of financial restraint on international trade are examined and
commented. Thirdly, we explore how the financial development promotes the
international trade. Finally, the impacts of the exchange rate system’s changes on
international trade are explored. In Chapter 6, we test the theory of the relation
between financial development and international trade developed in previous chapters
by econometric methods. In Chapter 7, we analyze and test the relationship between
financial development and international trade in China after 1978, in which year
China began its reform and opening to the outside world. The main research work and
research conclusion are as follows:
II
This dissertation studies systematically the impacts that financial development
may have on international trade, including three stages: financial repression, financial
restraint, and financial development. The conclusion is that financial development can
affect international trade in many aspects.
This dissertation makes a systematic study on the distortion of financial
repression on international trade and the active impacts that financial restraint may
have on international trade. But the benefits of financial restraint on international
trade shouldn’t be overstated.
This dissertation makes a cross-country empirical study on the relationship
between financial development and international trade, the results confirm the
relationship between them in theory.
This dissertation makes a systematic study firstly on the relationship between
financial development and international trade in China after 1978. We find there is no
relation between them in the long run, and the reasons are explained.
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