关键词: 自贸区, 金融加速器, 海外资本市场冲击

Abstract:

By adding the overseas financing sources and financial accelerator, this paper establishes a dynamic general equilibrium model with changeable capital account liberalization to analyze the impact of overseas shock under free trade model and fully open model. It finds that, in the long run, capital account liberalization can be more conducive to the stability of the economy, when the volatility of overseas capital market is small. While the capital account liberalization will bring more fluctuation with large volatility. In the short term, no matter whether overseas capital market is stable, capital account liberalization will increase the risk of overseas shock. Compared to the fully open, the Free Trade Zone can effectively relieve the negative effects of overseas shock on investment and output.

Key words: Free Trade Zone, Financial Accelerator ;International Capital Market Shocks