【摘要】 资本账户开放对通货膨胀的影响在国际经济领域一直存在争论。本文在梳理现有文献的基础上,对1990-2008年中国数据进行实证分析。通过建立我国通货膨胀与中美利率差异、资本账户开放阶段性政策变化虚拟变量之间的计量模型,发现以中美利率差异为代表的国际资本流动与通货膨胀之间正相关,即国际资本流入越多,国内通货膨胀越高;以经常项目开放和加入WTO为标志的资本账户开放阶段性变化的虚拟变量与通货膨胀负相关,说明资本账户开放本身能够降低我国的通货膨胀。更多还原

【Abstract】 The influence of capital account openness on inflation is internationally controversial in economy theories.Using China’s data during 1990-2008,this paper develops an empirical model of three variables,inflation,the interest rate difference between China and US,and the dummy variables to reflect the periodic changes in capital account openness.The empirical outcomes show positive relation between inflation and the interest rate difference as a representative of the international capital flows,that is,the more the international capital inflows,the higher the domestic inflation is.And China’s inflation is negatively related to the dummy variables of periodic changes in capital account openness,which indicates that capital account openness can lower inflation.更多还原