资本项目开放与经济增长研究的比较分析

Capital Account Openness and Economic Performance: Survey and Comparisons

近年来国外学者对资本项目开放与经济增长相关性进行了大量的实证研究,认为实证结论差异的原因在于度量指标和样本上存在区别。多数实证研究认为发展中国家开放资本项目的收益少于发达国家。本文认为其原因在于资本项目开放后,在增加投资、提高资源配置效率和增加政策约束性方面,发展中国家所获得的收益小于发达国家。因此,发展中国家开放资本项目必须具备一定的宏观经济和微观金融条件。

After reviewing the empirical papers on the relationship between capital account openness and economic performance, this paper concludes that the controversial empirical results can attribute to the difference of indicators and samples, but most researches show that developing countries gain less than developed countries. The basic reason is that after capital account openness, developing countries gain less from increasing investment, resource allocation efficiency and policy restrain. So it must have achieved certain economic and financial level, can a developing country open its capital account.