资本项目开放轨迹及其经济增长促进

Track of the Capital Account Liberalization and Promotion of Economic Growth

在中国渐进式开放资本项目的背景下,从早期具有显著差异的研究结果入手,进而分研究方法、调节变量和理论框架三个角度就资本项目开放能否促进经济增长这一命题的经典文献进行回顾。梳理最近十几年来二者关系研究的发展脉络表明,事实开放的测度方法比法定开放的方法能够更为准确和灵敏地衡量一国资本项目开放的程度。在开放过程中,对B股市场和QFII对经济增长或者对产业推动效果的检验,完善相关的监管体制,指定合理有效的掌控政策,提升中国整体的金融发展水平。这些都将对有效平稳地开放资本项目具有重要的现实意义。

Under the background of gradual capital account liberalization in China, this paper starts with the early results with significant differences, and reviews the classical literatures from three aspects of research methods, regulation variables and theoretical framework, which are about whether the capital account liberalization can promote economic growth. Card- ing the development of relationship between the two contexts last ten years, it shows that the measurement of the fact liber- alization can measure the level of a country＇s capital account liberalization more accurate and sensitive than the measure- ment of statutory liberalization. During the liberalization process, we should test on the B-share market and the QFII to eco- nomic growth or the effect on promoting the industry, improve the relevant regulatory system, assign reasonable and effec- tive control policy and enhance China＇s overall level of financial development. All these will have important practical significance on opening the capital account smoothly and effectively.