金融问题探讨

资本账户自由化增长效应的经验研究结论与启示

  • 吴信如
展开
吴信如(1964—), 男,安徽萧县人,华东师范大学商学院副教授,博士

收稿日期: 2005-07-03

  网络出版日期: 2005-06-25

A Study on Experiences of the Promotive Effect of Liberalization of Capital Account

  • Xin-ru WU
Expand

Received date: 2005-07-03

  Online published: 2005-06-25

摘要

20世纪90年代以来, 国际上有关资本账户自由化是否促进经济增长的主要经验研究充满着争议。但从中得出的结论是, 一方面资本账户自由化增长效应存在国别差异, 金融发展与制度质量等基础性因素是导致差异的重要原因; 另一方面, 自由化也对金融发展和制度建设具有促进作用。这对我们的启示是, 我国既要重视资本账户开放的制度前提, 也要注意利用其开放对制度发展的促进作用; 我国政府应妥善协调改革、开放与发展的关系, 积极渐进地推动资本账户自由化。

本文引用格式

吴信如 . 资本账户自由化增长效应的经验研究结论与启示[J]. 华东师范大学学报(哲学社会科学版), 2005 , 37(6) : 113 -118 . DOI: 10.16382/j.cnki.1000-5579.2005.06.016

Abstract

Since the 1990's there have been a lot of disputes in studies on major experiences in the world as to whether liberalization of capital account is promotive to economic growth or not.However, wherefrom a conclusion is drawn, that is, the promotive effect of capital account liberalization should be different in different countries and the difference attributes primarily to some foundational factors such as financial development and institutional quality, and meanwhile liberalization is promotive to financial development and institutional reconstruction.The inspiration on us is that our country should stress institutional preconditions of opening capital account, but also pay attention to how to take advantage of such an opening to promote institutions.And our government should coordinate reform, opening-up and development appropriately, and advance liberalization of capital account actively and gradually.

参考文献

1 Chandrasekhar , C. P. ., 1998, "Washington Divergence", India s National Magazine, From the Publishers of THE HINDU, Vol.15 No.26, paper 1998.12.19- 1999.1.1.
2 Eichengreen , B. ., 2001, "Capital Account Liberalization: What do Cross-Country Studies Tell Us?", World Bank Economic Re-view, Vol.15 No.3, paper 341- 365.
3 Prasad, E., Rogoff, K., S. Wei and M. A. Kose, 2003, Effects of Financial Globalisation on Developing Countries: SomeEmpirical Evidence, IMF Publications, March 2003.
4 Edison , H. J. , M. W.Klein , L. Ricci , T. Sl?k ., 2004, "Capital Account Liberalization and Economic Performance: Surveyand Synthesis", IMF Staff Papers, Vol.51 No.2
5 Quinn D. ., 1997, "The Correlates of Change in International Financial Regulation", American Political Science Review, Vol.91 No.3, paper 531- 551.
6 Bekaert , G. , C. R.Harvey , C. Lundblad ., 2001, "Emerging Equity Markets and Economic Development", Journal ofDevelop-ment Economics, Vol.66, paper 465- 504.
7 世界银行, 2002, 《全球经济展望与发展中国家2002》。.
8 Bartolini , L. , A. Drazen ., 1997, "Capital-Account Liberalization as a Signal", American Economic Review, Vol.87 No.1, paper 138- 154.
9 Bartolini , L. , A. Drazen ., 1997, "When Liberal Policies Reflect External Shocks, What Do We Learn?", Journal ofInterna-tional Economics, Vol.42, paper 249- 273.
10 Glick, R., and M. Hutchinson, 2000, Stopping"Hot Money"or Signaling Bad Policy?Capital Controls andthe Onset ofCurrency Crises(unpublished manuscript, Federal Reserve Bank of San Francisco and UC Santa Cruz).
11 Leblang , D. A. , W. Bernhard ., 2000, "The Politics of Speculative AttacksinIndustrial Democracies", International Organiza-tion, Vol.54, paper 291- 324.
12 Eichengreen , B. , C. Wyplosz ., 1993, "The Unstable EMS", Brookings Papers on Economic Activity, Vol.1, paper 51- 144.
13 Furman , J. , J. Stiglitz ., 1998, "Economic Crises: Evidence andInsightsfromEast Asia", Brookings Papers on Economic Ac-tivity, Vol.2, paper 1- 136.
14 Grilli , V. , G. M.Milesi-Ferretti ., 1995, "Economic Effects and Structural Determinants of Capital Controls", IMF Staff Pa-pers, Vol.42 No.3, paper 517- 551.
15 Rodrik, D., 1998, Who Needs Capital-Account Conertibility?in Shouldthe IMF Pursue Capital Account Convertibility?Es-says inInternational Finance, No. 207, May. ed. by Stanley Fischer and others(Princeton, NewJersey: Princeton University, Departmentof Economics, International Finance Section).
16 O Donnell, B., 2001, Financial Openness and Economic Performance(unpublished; Dublin, Ireland: Trinity College).
17 McLean B. and S. Shrestha, 2002, International Financial Liberalisation and Economic Growth, Reserve Bank ofAustralia.
18 Chanda, A., 2001, The Influence ofCapital Controls on Long Run Growth: Where and HowMuch?(North Carolina State U-niversity).
19 Edwards, S., 2001, Capital Mobilityand Economic Performance: Are Emerging Economies Different?NBER Working Paper, No. 8076.
20 Klein, M. W., 2003, Capital Account Openness andthe Varieties of Growth Experience, NBER Working Paper, No. 9500.
21 Klein, M. W. and G. Olivei, 1999, Capital Account Liberalization, Financial Depth and Economic Growth, NBER WorkingPaper, No. 7384.
22 Bailliu, J., 2000, Private Capital Flows, Financial Development, and Economic Growth in Developing Countries, Bank ofCanada Working Paper, No. 2000-2015.
23 Kraay, A., 1998, In Search ofthe Macroeconomic Effect ofCapital Account Liberalization(unpublished, Washington: WorldBank).
24 Arteta, C., B. Eichengreen and C. Wyplosz, 2001, When Does Capital Account Liberalization Help More than it Hurts?NBER Working Paper, No. 8414.
25 Edison , H. J. , R. Levine , L. A.Ricci , T. Sl?k ., 2002, "International Financial Integration and Economic Growth", Journal of International Money and Finance, Vol.21, paper 749- 776.
26 Kaminsky , G. , S. Schmukler ., 2003, "Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization", IMF Working Paper, Vol.34
Options
文章导航

/