Research into co-integration relationship between China's financial deficit an d current account
- 经济学院－已发表论文 
协整检验结果显示经常项目余额和国民生产总值、政府支出、财政赤字存在长期均衡关系。误差修正模型则反映了财政赤字的短期变化对经常项目余额变化的影响。计量结论的政策意义在于,为了改善我国经常项目,我们应该谨慎实行扩张性的财政政策。The results of co-integration test show that there exists long-term balance relationship between current account and GDP and governmental expenditure and financial deficit. VEC model test results show the influence of short-term change of financial deficit on the balance of current account. Econometric analysis results reveal that we must carefully implement expanded financial policy in order to improve China's current account.