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本文选取1996~2014年20个主要国家的面板数据,分析居民的金融资产配置是否会受到制度环境(经济制度)差异的影响。结果表明:在衡量制度环境的各指标中,货币制度、商业及投资环境的改善会促进居民更多地参与到金融市场;但金融制度则存在“拐点”效应,在金融系统开放性和透明度较高的国家,金融开放能够刺激居民投资更加分散;反之,则会使得居民投资更为保守。研究结果对于改善我国高储蓄的家庭金融资产结构具有积极作用。
This article selects the panel data of 20 major countries from 1996 to 2014 to analyze whether residents’ financial asset allocation will be affected by the difference of institutional environment (economic system). The results show that in the measurement of institutional environment, the improvement of the monetary system, business and investment environment will promote residents to participate more in the financial market. However, the financial system has the effect of “inflection point” In countries with higher transparency, financial opening-up can stimulate more diversification of resident investment; on the contrary, it will make resident investment more conservative. The research results have a positive effect on improving the family financial assets structure with high savings in our country.