American Economic Journal: Macroeconomics · 2026 · Andrea Ferrero、Maurizio Michael Habib、Livio Stracca、Fabrizio Venditti
中文摘要
本文研究制度质量在使新兴经济体免受全球金融周期冲击方面的作用。研究结果表明,法治水平较高的国家——其特征是合同执行更有力、产权保护更健全——在面临不利的全球金融冲击时,国内金融与宏观经济状况的紧缩程度较轻。我们通过一个纳入金融摩擦的简化模型解释这一结果,说明强有力的制度与有效治理如何缓解抵押品约束,并减轻全球金融压力对国内经济的影响。(JEL E44, E52, F32, F65, K11, K12, P14)
Abstract
We investigate the impact of institutional quality on shielding emerging economies from the global financial cycle. Our findings indicate that countries with a higher rule of law, characterized by superior contract enforcement and more robust protection of property rights, experience a less severe tightening of domestic financial and macroeconomic conditions when faced with adverse global financial shocks. We explain this outcome through a simplified model that incorporates financial frictions, showing how strong institutions and effective governance alleviate collateral constraints and mitigate the effects of global financial pressures on the domestic economy. (JEL E44, E52, F32, F65, K11, K12, P14)