资本账户开放度与经济增长关系的实证研究

Empirical Study on the Relationship between Capital Account Openness and Economic Growth

国内外学者对资本账户开放的度量方法进行了深入探讨,并且研究了资本账户开放度的经济影响。在借鉴已有成果的基础上,采用时变参数模型对我国资本账户的实际开放度进行了研究,并通过建立向量自回归模型探讨了资本账户开放度与经济增长的关系。但是,实证结果却显示我国资本账户开放度对经济增长的解释力偏低。通过理论模型的分析可知,这可能与我国金融制度的质量不高有关。

Both Chinese and foreign scholars have done research on the capital account openness and its effects.Besides drawing conclusions from their works,this paper tries to focus on the real capital account openness using the time-varying model to capture the fluctuation of it.By establishing the VAR model,this paper also concentrates on the relationship between capital account openness and economic growth.However,the results show that the China’s capital account openness explains little about the reason for its economic growth.Through theoretical analysis, it is because that the institutional quality needs improvements.