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本文将资本账户开放细分为直接投资开放、证券投资开放和金融信贷开放,研究了不同类型资本账户开放对中低收入国家经济增长的影响。文章利用58个中低收入国家1995-2012年的年度数据作为回归样本,采用系统广义矩估计的方法进行实证回归。研究发现,不同类型资本账户开放对中低收入国家经济增长的影响存在异质性,直接投资开放能够显著促进经济增长,而证券投资开放和金融信贷开放均对经济增长有显著的负向影响。研究为新结构经济学的相关论述提供了经验证据并为我国资本账户开放的相关讨论提供了参考。
In this paper, the open of capital account is subdivided into direct investment, opening of securities investment and opening up of finance and credit. It studies the impact of different types of capital account liberalization on the economic growth of low- and middle-income countries. Using the annual data of 58 low-and middle-income countries from 1995 to 2012 as a regression sample, the article uses the method of systematic generalized moment estimation to carry out empirical regression. The study found that the impact of different types of capital account liberalization on economic growth in low- and middle-income countries is heterogeneous. Direct investment liberalization can significantly promote economic growth. Both the opening of securities investment and the opening up of financial credit have a significant negative impact on economic growth. The research provides empirical evidence for the related discourse on the new structural economics and provides a reference for the discussion on the opening of China’s capital account.