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本文基于全球40个国家的季度数据研究了股票价格波动对国际资本流动异常波动的影响。研究发现,股市波动加剧能增加一国发生国际资本流动异常波动的概率,股票价格波动加剧将减少一国国际资本流入,增加一国国际资本流出。同时股票价格波动将加剧各国证券投资类国际资本流出。最后,在实证研究基础上,提出管理国际资本的政策建议。
Based on the quarterly data of 40 countries in the world, this paper studies the impact of stock price volatility on the abnormal fluctuations of international capital flows. The study finds that the volatility of the stock market can increase the probability of abnormal fluctuations in the international capital flow in a country. The aggravation of the stock price volatility will reduce the international capital inflow in a country and increase the international capital outflow in a country. Meanwhile, fluctuations in stock prices will exacerbate the outflow of international capital in securities investment in various countries. Finally, on the basis of empirical research, put forward policy recommendations for the management of international capital.