不同类型资本账户开放与经济增长:来自中低收入国家的证据

Different Types of Capital Account Openness and Economic Growth:Evidence from Middle and Low Income Countries

本文将资本账户开放细分为直接投资开放、证券投资开放和金融信贷开放,研究了不同类型资本账户开放对中低收入国家经济增长的影响。文章利用58个中低收入国家1995-2012年的年度数据作为回归样本,采用系统广义矩估计的方法进行实证回归。研究发现,不同类型资本账户开放对中低收入国家经济增长的影响存在异质性,直接投资开放能够显著促进经济增长,而证券投资开放和金融信贷开放均对经济增长有显著的负向影响。研究为新结构经济学的相关论述提供了经验证据并为我国资本账户开放的相关讨论提供了参考。

This paper classifies capital account openness into three subcategories： direct investment openness, portfolio investment openness and financial credit openness. And we investigate the relationship between different types of capital account openness and economic growth for middle and low income countries. Using a dataset which measures the financial integration of 58 countries from 1995 to 2012 and adopting the system GMM method, this paper finds that different types of capital account openness have heterogeneous effects on the growth for middle and low income countries. Direct investment openness spurs growth, while portfolio investment openness and financial credit openness hinder growth. Our research results provide empirical evidence for the related statements of New Structural Economics.