主要的思維方式：
發(fā)現(xiàn)一個和世人觀念相左的事實坑傅，并試圖解釋攀痊。模型簡單桐腌。結(jié)果佐證了金融系統(tǒng)的發(fā)展和FG相互促進(jìn)的功用，并預(yù)測了今后FG的趨勢苟径。
FG symbol: international trade/foreign exchange reserves/SWF
but, the stylized fact is : global trade and global cross-border holdings of financial instruments that are accounted for by the advanced economies
發(fā)達(dá)經(jīng)濟(jì)體FG的原因：capital account liberalization, financial deregulation, and falling communications costs案站，financial innovation，SPV棘街，the creation of the euro（substantial reduction in home bias and increased financial trade within the euro area）
之后文章做了文獻(xiàn)綜述蟆盐，闡述了接下來要回歸的幾個變量跟FG的關(guān)系：(a) trade openness; (b) domestic financial development; (c) economic development; (d) country size; (e) capital account restrictions; (f) EU integration; and (g) financial centers
回歸模型和結(jié)果：
結(jié)論：a strong complementarity between domestic financial development and external holdings, rather than substitutability between the two.?
預(yù)測：FG depends on depends on the deepening of domestic financial systems, overall economic development, as well as the pace of trade integration. 發(fā)達(dá)經(jīng)濟(jì)體和發(fā)展中經(jīng)濟(jì)體今后的FG特征仍舊不一樣。過度宣傳金融風(fēng)險而壓抑金融業(yè)遭殉，是不利于長期發(fā)展的石挂。
