Abstract:
With the multiple threshold panel data model, this paper investigates the economic growth effect of capital account openness from both country level and provincial level empirical studies. Three sets of findings are obtained. Firstly, there is indeed a threshold effect of capital account openness on economic growth in China, and the effect for China is positive. Secondly, there is a non-monotonic relationship between the economic enhancing effect of capital account openness and trade dependency. Finally, this effect has significant provincial differences. To better utilize the benefit of capital account openness, China as a whole should further increase the level of opening up, but for individual provinces, some should take measures to further increase the national income, but others should reduce trade dependency by upgrading the industrial structures.
郭桂霞, 彭艳. 我国资本账户开放的门槛效应研究[J]. 金融研究, 2016, 429(3): 42-58.
GUO Guixia, PENG Yan. An Analysis on the Threshold Effect of Capital Account Openness in China. Journal of Financial Research, 2016, 429(3): 42-58.
Bekaert, G., Campbell R. Harvey, and Christian Lundblad. 2001. “Does Financial Liberalization Spur Growth?” NBER Working Paper No. 8245.
[6]
Chinn, Menzie D. and Hiro Ito. 2002. “Capital Account Liberalization Institutions and Financial Development Cross Country Evidence.” NBER Working Paper No. 8967.
[7]
Ding, D. and Yothin Jinjarak. 2012. “Development Threshold, Capital Flows, and Financial Turbulence.” North American Journal of Economics and Finance, 23(3): 365~385.
[8]
Eichengreen, B., Rachita Gullapalli and Ugo Panizza. 2011. “Capital Account Liberalization, Financial Development and Industry Growth: A Synthetic View.” Journal of International Money and Finance, 30(6): 1090~1106.
[9]
Feldstein, M., and Charles Horioka. 1980. “Domestic Saving and International Capital Flows.” Economic Journal, 90(358): 314~329.
[10]
Hansen, Bruce E. 1999. “Threshold Effects in Non-dynamic Panels: Estimation, Testing, and Inference.” Journal of Econometrics, 93(2): 345~368.
[11]
Kaya, I., Konstantin Lyubimov, and Mihail Miletkov. 2012. “To Liberalize or not to Liberalize: Political and Economic Determinants of Financial Liberalization.” Emerging Markets Review, 13(1): 78~99.
[12]
Kitano, S. 2011. “Capital Controls and Welfare.” Journal of Macroeconomics, 33(4): 700~710.
[13]
Noy, I. and Tam B. Vu. 2007. “Capital Account Liberalization and Foreign Direct Investment.” North American Journal of Economics and Finance, 18(2): 175~194.
[14]
Schneider, B. 2000. “Issues in Capital Account Convertibility in Developing Countries.” Working Paper of Overseas Development Institute.
