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新兴经济体和发展中国家存在“资本配置之谜”吗?
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TitleIs There a "Capital Allocation Puzzle" in Emerging Economies and Developing Countries?  
作者王晋斌 刘璐  
AuthorWang Jinbin and Liu Lu  
作者单位中国人民大学经济学院 
OrganizationSchool of Economics, Renmin University of China 
作者Emailwjinbin@ruc.edu.cn;liulujiayou2007@126.com 
中文关键词资本配置之谜 消费者习性 资本流动 
Key WordsCapital Allocation Puzzle; Consumer Habits; Capital Flow 
内容提要在Gourinchas, P. O.&Jeanne, O.(2013)研究的基础上,本文纳入消费者习性构建了基准模型,在新古典框架下重新探究了新兴经济体和发展中国家的资本配置之谜。本文得出了一些不同的结论:加入消费者习性的模型预测的结果更加接近现实的真实情况,真实的资本配置之谜依然存在,但资本配置之谜的程度已得到了明显的缓解,而且流量资本的资本配置之谜程度更轻,说明近些年来金融和贸易开放度的提高在逐步纠正这种资本配置之谜。投资方面的扭曲为资本配置之谜提供了有力的解释,但储蓄方面的扭曲已不再是解释资本配置之谜的因素。因此,新兴经济体和发展中国家改善投资环境是消除资本配置之谜的关键因素。 
AbstractBased on Gourinchas, P. O. and Jeanne, O. (2013), this paper sets up a benchmark model for consumer habits and re-explores capital allocation puzzle in emerging economies and developing countries under the new classical framework. The paper draws some different conclusions: the prediction results of bring into consumer habits model is closer to reality, the real capital allocation puzzle still exists, but the capital allocation puzzle level has been significantly reduced, and the capital allocation puzzle degree of capital flow is more light, these results indicate that the increase in financial and trade opening gradually correct this puzzle in recent years,. The distortion in investment provides a powerful explanation for the capital allocation puzzle, but the distortion of savings is no longer a factor in explaining the puzzle of capital allocation. Therefore, the improvement of investment environment in emerging economies and developing countries is the key factor in eliminating the puzzle of capital allocation. 
文章编号WP1368 
登载时间2019-04-30 
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