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在20世纪90年代中期开始的新一轮全球失衡中,以中国为代表的发展中国家成为经常项目顺差的主角。同时,大量FDI从发达国家流向发展中国家,进而形成了发达的全球生产体系。基于全球失衡的上述特点以及在Antràs和Caballero(2007)水平分工模型的基础上,通过建立一个垂直分工模型,可以从国际分工视角为全球失衡问题提供更加坚实的微观基础。同时,模型把社会生产划分为创新和生产两个环节,并指出与生产活动相比,创新活动更加依赖外部融资,因此,金融发展程度更高的国家在创新活动上具有比较优势,而金融发展程度较低的国家则在生产活动上具有比较优势。而且,在进行国际交换时,创新成果和生产成果通常反映在国际收支账户中的不同项目上,因此,基于这种国际垂直分工的创新成果和生产成果的均衡交易将引起参与分工国家经常项目的失衡。
Among the new round of global imbalances that began in the mid-1990s, developing countries represented by China have become the protagonists of the current account surplus. At the same time, a large amount of FDI flows from developed countries to developing countries, forming a developed global production system. Based on the above characteristics of global imbalances and the horizontal division of labor model of Antràs and Caballero (2007), a vertical solidarity model can provide a more solid micro-foundation for global imbalances from the perspective of international division of labor. At the same time, the model divides social production into two parts: innovation and production, and points out that innovation activities depend more on external financing than production activities. Therefore, countries with higher financial development have comparative advantages in innovation activities, while financial development To a lesser extent, countries have comparative advantages in production activities. Moreover, when international exchanges are carried out, innovations and products of production are often reflected in different items in the balance of payments account. Therefore, a balanced transaction of innovations and production based on this international vertical division of labor will lead to the participation of the current account of the participating countries The imbalance.