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文中利用中东欧8个国家1999-2008年的面板数据,通过固定效应面板模型,对资本流动和银行稳定的关系进行了实证检验。结果显示,外商直接投资对中东欧国家银行稳定的正向影响是最大的,其次是证券投资,而其他投资对这些国家的影响正在逐渐减弱。与之相反,短期资本流动对中东欧国家的银行体系带来的主要是负面冲击,大量热钱的抽逃是引致中东欧转型经济国家银行脆弱的根源所在。
This paper uses the panel data of eight countries in Central and Eastern Europe from 1999 to 2008 to test the relationship between capital flow and bank stability through the fixed-effect panel model. The results show that the positive impact of foreign direct investment on the stability of Central and Eastern European banks is the largest, followed by the securities investment, while the impact of other investments on these countries is gradually weakened. On the contrary, the short-term capital flows have a major negative impact on the banking system of Central and Eastern European countries. A large amount of hot money escaping is at the root of the fragility of banks in Central and Eastern European countries with economies in transition.