跨国资本流动：“一带一路”沿线国家与发达国家的比较

Abstract:This paper studies the main factors of transnational capital flow between different economies，selects the first quarter of 2010 to the fourth quarter of 2015 as the sample.This paper finds that for countries along B＆R the economic growth rate and interest are the most important pull drives of emerging economies’capital flows，the change of global risk appetite and the economic growth is the most important push drives.For developed countries，the rate of exchange rate changes is the pull factors，America’s GDP growth rate and interest rate is the driving factor，Global risk index only play the role of promoting in the net capital flows.The results of panel VAR variance decomposition show that Global risk index and the rate of exchange rate movements explain ability is around 14%，and the explanatory power of economic growth is less than 2%.

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