国际板与经济增长:来自新兴市场国家的证据

Intrernational Board and Ecnomic Growth:Evidence from Emerging Market Countries

基于22个新兴市场国家1990-2019年的数据,采用多期DID方法检验事实开放与法规开放的经济增长净效应,发现两者的净效应均为正,而事实开放的净效应更大更显著。根据16个开放国2002-2019年的数据,构建动态非平衡面板模型来检验国际板市场发展与经济增长的关系,并分析资本账户自由化在此过程中的作用。发现:国际板市场的发展对东道国经济增长具有显著正向影响,资本账户自由化对国际板与经济增长之间的影响关系具有显著的正向调节效应。

The net effects of both factual openness and regulatory openness on economic growth were tested using the multi-period difference-in-differences method based on data from 22 emerging market countries from 1990 to 2019.The results show that the net effects of both are positive,but the net effect of factual openness is greater and more significant.A dynamic non-equilibrium panel model is constructed using data from 16 open countries from 2002 to 2019 to examine the relationship between the development of international board markets and economic growth and to analyze the role of capital account liberalization in this process.It is found that the development of international board markets had a significant positive impact on the host country’s economic growth,and capital account liberalization had a significant positive moderating effect on the relationship between international board markets and economic growth.