证券市场的开放、创新与蒙代尔——弗莱明模型的扩展

蒙代尔-弗莱明模型是以利率作为影响资本在各国间流动的主要因素甚至唯一因素为假定前提的,但在证券市场开放和国际化背景下,证券市场的行情常常成为影响这种资本流动的最主要因素,而证券市场的价格走势又往往是与利率变动方向相反的.这就使得BP曲线有时呈现负斜率状态,从而蒙代尔-弗莱明模型的传统形态会发生某种变形.在负斜率BP曲线状态下,财政、货币政策效应会呈现新的特点.另外,金融创新对该模型也会产生影响.这些分析对我国证券市场的有效建设都具有启迪意义.

The Opening-up and Innovation of Securities Market and the Development of Mundell-Fleming Model

One assumption of Mundell-Fleming model is that interest rate is a major,possibly the only,factor that affects the capital floating between nations.However,the market situation has always been the most influential factor when it comes to an open and international securities market,and the price of securities market is negatively related to interest rate.Based upon such facts,this paper illustrates that BP curve has a negative slope occasionally,which enriches the format of Mundell-Fleming model.The paper analyses the features of the effects of fiscal and monetary policy and the opening of China's securities market under the condition that BP curve has a negatively slope.Finally,the author discusses the impact of the financial innovations of securities market on the M-F model.