FDI、贸易顺差和汇率

部分内容如下：

FDI, 贸易顺差和汇率
黄志刚*
中国经济研究中心
2007-7-23
摘要：中国大量的外国直接投资的流入、不断扩大的贸易顺差和人民币的升值压力隐含
着它们之间存在密切的联系。本文建立一个加入外国投资部门的一般均衡两国模型分析它们
之间的关系。理论分析表明，随着FDI 部门的扩张，贸易必然会出现顺差。而被投资国的
货币是否升值取决于FDI 的技术条件和垄断程度。另外，以引进新产品的投资方式的FDI
流入会增进流入国福利。
关键词：FDI，贸易顺差，汇率，福利

Abstract: The sustained large foreign direct investment inflow, rapid increase of trade
surpluses and current appreciating press in china implicate that there might be some closed
relationship among them. This paper sets up a two-country general equilibrium model, which is
embedded a FDI sector, to analyze this relationship. Theoretical analysis indicates that the trade
surplus surely increases under the FDI sector expanding in host country, while whether the host
country’s currency may appreciate or depreciate depends on the technology advantage of FDI. The
welfare of host country will be improved if FDI firms introduce new products.
Key words: FDI, Trade surplus, Exchange rate, welfare
FEL：F0, E0