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传统的蒙代尔-弗莱明模型是以利率作为影响资本在国与国之间流动的主要因素甚至唯一因素为假定前提的,但这一假定具有越来越明显的局限性。在现代经济社会,金融资产的价格波动很多情况下成为影响资本国际流动的最主要因素。证券市场和房地产市场的价格走势又往往是与利率反方向变动的。本文据此论证了负斜率的BP曲线,从而拓展和丰富了蒙代尔-弗莱明模型的形态。然后以两组共计28个国家或地区的经济数据对其进行了实证检验。
The traditional Mundell-Fleming model is based on the hypothesis that interest rates are the primary factor or even the only factor that affects the flow of capital between countries. However, this assumption has more and more obvious limitations. In modern economy and society, the price volatility of financial assets has become the most important factor affecting the international capital flows in many cases. The stock market and the real estate market, the price trend is often the opposite direction of interest rates and changes. This paper proves the negative slope of the BP curve, thereby expanding and enriching the Mundell-Fleming model. Then, two groups of economic data of 28 countries were used to empirically test them.