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| An Analysis on the Threshold Effect of Capital Account Openness in China |
| GUO Guixia, PENG Yan
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| Institute of International Economy, University of International Business and Economics |
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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.
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Received: 10 May 2015
Published: 01 January 1900
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