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Equity market liberalization is one of the most important structural reforms and one of the least well-understood.This is partly because empirical evidence is previously confined to OECD countries or to the post 1990 period.This paper aims at analyzing the impact of equity market liberalization on economic growth under two econometric methods,testing the prediction from the theoretical model of liberalization,as well as examining the effect in different time span and different equity market volatility.The empirical results support the prediction from the theoretical model,in which the open economy has greater speed of convergence than the closed economy.This is true for all four indicators for degree of liberalizations,which have positive coefficients and time-decreasing property.The magnitude of effect is around 0.0098-0.016 coming from using dynamic seemingly unrelated regression.