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存在金融市场分割的条件下,金融市场发展的跨国差异对全球贸易失衡存在重要的影响。由金融深化差异和金融市场分割导致的贸易失衡实际上是平衡的国际资产交易在贸易账户上的体现。从家庭角度看,金融市场的不完善导致一些国家存在较高的预防性储蓄,引致经常项目顺差。相反,越是金融市场发达的国家,越容易出现经常项目的逆差。利用41个国家1997-2006年的面板数据进行回归分析的结果也表明,金融深化差异是造成目前全球贸易失衡长期存在的重要原因。
Under the circumstance of financial market segmentation, the transnational differences in the development of financial markets have an important impact on the global trade imbalance. The trade imbalance caused by the deepening differences in finance and the fragmentation of financial markets is actually a manifestation of the balance of international assets transactions in trade accounts. From a domestic perspective, the imperfections in financial markets have led to the existence of higher precautionary savings in some countries, which have led to the current account surplus. On the contrary, the more countries with developed financial markets, the more vulnerable to the current account deficit. Regression analysis using panel data from 1997 to 2006 in 41 countries also shows that the deepening of financial differentiation is an important reason for the long-standing global trade imbalance.