Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries(regions) during 1970-2013 t...Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries(regions) during 1970-2013 to examine the combined effects of capital account openness and exchange rate risks on economic growth. Our findings are as follows:(1) Without considering exchange rate volatility, capital account openness is subject to a threshold effect, i.e. capital account openness significantly promotes the economic growth of middle-and high-income countries but exerts the opposite effect on low-income countries; and(2) after exchange rate volatility is taken into account, the growth effect of capital account openness is reduced and the greater the exchange rate volatility is, the smaller the marginal effect of capital account openness will be; sample-specific results also proved the existence of the threshold effect. This paper offers the following implications:(1) The effect of capital account openness can be better examined based on risk factors;(2) moderately controlling exchange rate volatility is conducive to acquiring greater benefits from capital account openness; and(3) the threshold effect of capital account openness cannot be overlooked.展开更多
In the last few decades, the economy increased rapidly, but the rapid growth is at the cost of high consumption of resources and high pollution of environment. It is imperative to transform the economic growth pattern...In the last few decades, the economy increased rapidly, but the rapid growth is at the cost of high consumption of resources and high pollution of environment. It is imperative to transform the economic growth pattern. Tax policy relating to venture capital is very important to build innovative country and encourage the development of venture capital. Based on the background, the paper researches the tax preference policy of venture capital in developed countries and in our country, and draws relevant conclusions.展开更多
基金Key Project of the Social Sciences Foundation of China(Grant No.15ZDA014)Foundation for High-level Talents in Higher Education of Guangdong(Pearl River Scholar 1414003)Doctoral Start-Up Project of the National Natural Science Foundation of Guangdong(2014A030310079)
文摘Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries(regions) during 1970-2013 to examine the combined effects of capital account openness and exchange rate risks on economic growth. Our findings are as follows:(1) Without considering exchange rate volatility, capital account openness is subject to a threshold effect, i.e. capital account openness significantly promotes the economic growth of middle-and high-income countries but exerts the opposite effect on low-income countries; and(2) after exchange rate volatility is taken into account, the growth effect of capital account openness is reduced and the greater the exchange rate volatility is, the smaller the marginal effect of capital account openness will be; sample-specific results also proved the existence of the threshold effect. This paper offers the following implications:(1) The effect of capital account openness can be better examined based on risk factors;(2) moderately controlling exchange rate volatility is conducive to acquiring greater benefits from capital account openness; and(3) the threshold effect of capital account openness cannot be overlooked.
文摘In the last few decades, the economy increased rapidly, but the rapid growth is at the cost of high consumption of resources and high pollution of environment. It is imperative to transform the economic growth pattern. Tax policy relating to venture capital is very important to build innovative country and encourage the development of venture capital. Based on the background, the paper researches the tax preference policy of venture capital in developed countries and in our country, and draws relevant conclusions.
