金融开放的“数量效应”与“质量效应”再检验——来自跨国的经验证据

发布时间：2018-05-15 12:21

本文选题：金融开放 + 投资增长　；参考：《国际金融研究》2017年04期

【摘要】：金融开放能否通过投资规模增长和投资效率提升渠道来促进经济增长是颇富争议的话题。本文借助LaneMilesi-Ferretti(2007)的综合金融开放度指标,应用82个国家和地区的跨国数据,检验了金融开放影响投资的"数量效应"和"质量效应"渠道。整体而言,金融开放促进了样本国家和地区整体投资效率的提升,显著地降低了不同群组经济体之间投资产出指标的离散程度。不同于发达经济体,多数发展中经济体能够从金融开放中取得较为显著的"数量效应"。金融开放与金融发展能够对不同发展阶段的经济体发挥联合调节作用,支持金融开放促进投资产出效率的"门槛效应"假说,即只有具备一定金融发展基础的经济体方能在金融开放中分享投资效率显著提升的收益。
[Abstract]:Whether financial openness can promote economic growth through increasing investment scale and improving investment efficiency is a controversial topic. Based on the comprehensive financial openness index of LaneMilesi-Ferrettig 2007, this paper uses the transnational data of 82 countries and regions to test the "quantitative effect" and "quality effect" channel of financial liberalization. As a whole, financial openness promotes the overall investment efficiency of the sample countries and regions, and significantly reduces the discrete degree of investment output indicators among different group economies. Unlike developed economies, most developing economies can gain significant "quantitative effects" from financial openness. Financial openness and financial development can play a joint role in regulating economies at different stages of development, and support the "threshold effect" hypothesis that financial openness promotes the efficiency of investment output. That is, only the economies with a certain financial development foundation can share the benefits of the significant increase in investment efficiency in the process of financial opening.
【作者单位】：南开大学金融学院国际金融系;麦克马斯特大学;中央汇金投资有限责任公司;
【基金】：国家社会科学基金项目“我国投资效率及国际比较研究”(项目编号:11CJY094)资助
【分类号】：F831

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