摘要
Based on global data of 144 countries,this paper uses a panel data model to analyze the growth effect of capital-account opening.Furthermore,through the comparison of regressions of different income level,this paper also discusses the threshold effect and mechanism of capital-account opening.The empirical results show that,in the case of complete sample,capital-account opening has a negative effect on economic growth.However,according to the regressions of different income level,the income of 4500 dollar can be viewed as a dividing line,above which,capital-account opening does have a positive effect on economic growth.Furthermore,the results also imply that,it is through capital accumulation and deepening that capital-account opening influences economic growth.
