各国金融开放效应差异的金融发展视角——基于经济增长效应和金融风险效应的分析

On Impacts of Financial Development on Financial Openness——Based on the Analysis of Economic Growth Effect and Financial Risk Effect

发达国家和发展中国家在金融深度、金融体系完善程度、金融效率等方面都存在着巨大差异,因此从金融发展视角思考两者金融开放效应的差异具有重要意义。东道国发达的金融市场和金融部门能更好利用外来资本、充分吸收流入资本溢出效应、降低开放后经济增长波动及吸引更多国际资本流入,而其金融体系不发达又将降低开放后金融系统抗风险的能力,本国金融业落后与资本外流、流入资本结构不合理等隐患也有重要关联,另外金融监管不力会导致金融开放后银行和货币危机的高发。

Disparity exists in financial depth,sophistication of financial mechanism and financial efficiency between developed countries and their developing counterparts.It is of great significance to think over the differences of financial openness from the perspective of financial development.The well-established financial markets and sectors of host countries make better use of foreign capital,compatible to the spillover effect of the inflowing capitals.The tendency of fluctuation on economic growth is reduced and more international capitals will be attracted to flow into.Yet on the contrary,the underdeveloped financial system will compromise the capacity of financial system to resist risks of financial openness.The backward of financial industry may also be associated with the capital outflow and the biased capital flowing structure.In addition,the malfunction of financial regulation will lead to the high frequency of banking and currency crises after the financial openness.