女孩 發問時間: 社會與文化語言 · 9 年前

因為作業需要引用到一篇英文文章,懇請翻譯高手幫忙翻成中文

In the aftermath of the 2008-09 financial crisis emerging economics are experiencing, coincidentally, large and volatile capital inflows and strong appreciation of asset prices, in particular stock prices. These trends explain why many policymakers in emerging economies have expressed concerns that these large capital inflows might be pushing asset prices too

much, creating a risk to financial stability. However, the strong appreciation of asset prices may be due to other factors besides capital inflows. In order to shed some light on these issues, we empirically investigated the effects of capital inflows on asset prices using a panel of 40 countries from 1990 to 2010.

Our results provide some ground to policymakers concerns. We find robust evidence suggesting that capital inflows are strongly associated with appreciation in asset prices, even when controlling for other factors. This results hold even when controlling for GDP growth, inflation, as well as other conditioning variables. However, we show that the mean effect

hides some interesting variation across countries and categories of capital inflows. In particular, we show that net portfolio inflows are more likely to be associated with appreciation in real asset prices than other forms of capital inflows. Furthermore, large portfolio inflows represent a higher probability of real asset prices becoming overappreciated.

Finally, we show that these effects are mostly a problem of emerging markets. In developed countries the effect of capital inflows on real asset prices is not statistically significant. Our results also provide some ground to previous theoretical findings claiming that the characteristics that make capital inflows more likely to amplify the dynamics of asset prices, creating a threat to financial stability are the level of financial development and

quality of institutions.

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  • Julie
    Lv 5
    9 年前
    最佳解答

    在2008 - 09金融海嘯的餘波中, 新興國家正經歷資金大量流入以及資產價格, 尤其是股票價格強烈攀升的狀況. 因此新興國家的立法者憂心於大量資金流入會推升資產價格並危害金融市場的穏定.

    然而, 除了資金流入之外, 資產價格的攀升可能還肇因於其他因素. 為了釐清此問題, 我們於 1990 到2010年間於40個國家進行調查. 調查結果顯示, 即使控制了其他的變數, 如GDP 成長率與通貨膨脹率等, 資金流入確實與產價格的攀升有關. 這當中, 尤其影響到不動產價格, 造成不動產價格的高估. 而這個狀況以新興國家最為明顯, 對於已開發國家則較無顯著的影響.

    我們的研究結果也支持了先前的理論, 也就是資金流入對於資產價格動力的加乘效果, 以及對於金融市埸穏定造成威脅的程度與 該經濟體的發展程度與該機構的素質有關.

  • 9 年前

    在 2008年-09 年的金融危機之後新興經濟正在經歷,巧合的,大和不穩定的資本流入和資產價格,特別是股票價格的強勁升值。這些趨勢解釋為什麼很多新興經濟體的政策制定者對其表示關注這些大量的資本流入可能會推動資產價格太多,創建對金融穩定的風險。不過,資產價格的大幅度升值可能是由於其他的因素,除了資本流入。為了闡明一些在這些問題上,我們根據經驗調查使用面板從 1990 年到 2010 年 40 個國家的資產價格對資本流入的影響。我們的研究結果提供一些政策制定者關注的地面。我們找到強有力的證據表明資本流入強相關資產價格,讚賞的即使在控制其他因素。此結果認為即使 GDP 增長、 通脹,以及其他調節變數控制。不過,我們顯示,平均的影響各國和各類資本流入隱藏一些有趣的變化。特別是,我們顯示淨流入資金是更有可能是真正的資產價格比其他形式的資本流入的讚賞與相關聯。此外,大型組合流入代表成為 overappreciated 的實際資產價格的可能性很高。最後,我們表明這些影響是一個主要新興經濟體的問題。在發達國家中實際資產價格對資本流入的影響不是統計學的。我們的研究結果也提供了一些地面以前的理論研究結果,聲稱的特點,使資本流入更容易放大動態的資產價格,創建對金融穩定的威脅金融發展水準和機構的品質。

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