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本文从法治建设指标着手,将资本账户开放、法治建设和资本积累纳入统一的分析框架,尝试研究不同经济体实施资本账户开放后是否能够获得资本积累。对于发达国家,法治建设对资本积累具有正向影响;对于发展中国家,法治建设对资本积累产生反向影响。资本账户开放后,发达国家可以获得资本积累,而发展中国家并未获得资本积累,主要原因在于不同经济体的经济和制度环境不同。资本账户的管理工具需要由行政的、传统的方式向法律和经济的方式转变,资本账户下的准入和准出尤其是资本市场的准入需要注重通过法律与经济手段实施管制。
This article starts with the construction of rule of law, integrates capital account opening up, rule of law construction and capital accumulation into a unified analytical framework, and tries to study whether capital accumulation can be obtained after the opening of capital account in different economies. For the developed countries, the building of the rule of law has a positive impact on the accumulation of capital; for developing countries, the building of the rule of law has an adverse effect on the accumulation of capital. After capital account liberalization, developed countries can gain capital accumulation while developing countries have not acquired the capital. The main reason is that different economies have different economic and institutional environments. The capital account management tools need to change from the administrative and the traditional ones to the legal and economic ones. The access and access under the capital account, especially the access to capital markets, need to pay attention to the control through laws and economic means.