资本账户开放、资本积累与经济增长——基于新古典增长理论的经验证据

Capital Account Openness,Capital Accumulation and Economic Growth:an Empirical Analysis Based on Panel Data

本文从新古典增长理论的视角分析了资本账户开放与经济增长的关系。无论是发达国家还是发展中国家,资本账户开放度的提高对经济增长均有促进作用。发达国家的资本形成总额增长率、高技术出口额增长率对资本账户开放度的提高具有明显的正向敏感性,说明发达国家资本账户开放度的提高可以加速资本积累和推动技术进步,从而促进经济增长。发展中国家的资本形成总额增长率对资本账户开放度的提高具有明显的正向敏感性,而劳动力增长率、高技术出口额增长率对资本账户开放度的提高具有反向敏感性,说明发展中国家资本账户开放度的提高仅可以加速资本积累,以达到促进经济增长的目的。

This paper analyzed the relationship between capital account openness and economic growth from the perspective of neoclassical growth theory. Overall, whether in developed or devel- oping countries, capital account openness has a positive influence on promoting economic growth. However, for the interaction between eeonomie growth factors and capital account openness, both developed and developing countries have significantly different effects. For developed countries, the growth rate of gross capital formation and the growth rate of exports of high-tech have a significant positive sensitivity on capital account openness , indicating that the increasing degree of capital ac- count liberalization in developed countries can accelerate capital accumulation and improve the pro- motion of technological progress, which promote economic growth. For developing countries, the growth rate of gross capital formation has a significant positive increase sensitivity on capital ac- count openness, and the growth rate of labor force and the growth rate of exports of high-tech have reverse sensitivity on the increasing degree of capital account liberalization, indicating that the in- creasing degree of capital account openness can only accelerate capital accumulation in order to a- chieve the purpose of promoting economic growth.