CAJ | 학술논문

笔者利用Lane等新构建的各国资产负债数据库，从金融发展和制度质量两个层面对当前国际资本的“逆流”现象进行解释。研究结果表明，金融发展程度的提高对外商直接投资的资本流入并没有显著的影响，而制度质量的提高可以极大地促进三类资本的流入；在制度质量的变量中，政府效率对国际资本流动的影响最为直接。
필자이용Lane등신구건적각국자산부채수거고，종금융발전화제도질량량개층면대당전국제자본적“역류”현상진행해석。연구결과표명，금융발전정도적제고대외상직접투자적자본류입병몰유현저적영향，이제도질량적제고가이겁대지촉진삼류자본적류입；재제도질량적변량중，정부효솔대국제자본류동적영향최위직접。
This paper analyzes the role of institution and financial development in determining the international capital flow with the data by Lane and Milesi-Ferretti （2007）. The legal origin, the mortality and population density in 1500s used as instruments for institution and financial development to infer the causal effect of institution and financial development on capital flow. Furthermore, the institution quality is unbundled to investigate the influence of different institution qualities on international capital flow. The results illustrates that the institution quality stimulates all three kinds capital inflows. However, the financial development cannot attract FDI inflow. The gov- ernment effectiveness has the direct effect on the three kinds capital flows.