CAJ | 학술논문

运用2000-2012年19个新兴经济体的数据对金融发展在资本流动对实际汇率的影响中所起的作用进行实证分析表明,FDI和收益流均会显著地引发实际汇率升值,金融发展将稀释这种升值效应,但从长期来看,FDI会导致实际汇率贬值,而金融发展水平在其中的影响程度不大。证券投资与实际汇率的相关关系较弱,金融发展水平在其中的影响也不显著。
운용2000-2012년19개신흥경제체적수거대금융발전재자본류동대실제회솔적영향중소기적작용진행실증분석표명,FDI화수익류균회현저지인발실제회솔승치,금융발전장희석저충승치효응,단종장기래간,FDI회도치실제회솔폄치,이금융발전수평재기중적영향정도불대。증권투자여실제회솔적상관관계교약,금융발전수평재기중적영향야불현저。
The study of the economic data of 19 emerging economies from 2000 to 2012 and the empirical analysis of the function of financial development in capital flow＇ s impact upon real exchange rate show that FDI and earnings flow will significantly raise real exchange rate, but the development of finance will dilute this effect. However, in the long run, FDI will lead to the devaluation of real exchange rate, and the level of financial development has only limited significance. The correlation between securities investment and real exchange rate is relatively weak, and the financial development of an economy has only limited impact upon this relationship.