资金为什么会往高处流

伦敦——起初似乎很难理解全球资本为什么会从穷国倒流向富国。新兴市场国家普遍录得经常账户盈余,而发达经济体则录得赤字。年轻的发展中国家增长速度快,资本匮乏,按常理他们本该从其他国家进口资金以支持金融消费和投资。那么为什么事实却恰恰相反,他们在向富裕国家进行资本输出?

中国就是一个很好的例子。中国的经常账户盈余在2000-2008年间平均达到5.5%,已经成为全世界最大的贷款国之一。尽管投资机会诱人、经济也快速成长,中国却一直将很大一部分储蓄向海外输出。

中国的情况并非个例。包括巴西、俄罗斯、印度、墨西哥、阿根廷、泰国、印尼、马来西亚和中东石油出口国在内的其他新兴市场经常账户盈余自20世纪90年代初起就显著增加。资金匮乏的发展中国家向资金充裕的发达国家放贷成为一种集体现象。

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