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近年来国外学者对资本项目开放与经济增长相关性进行了大量的实证研究,认为实证结论差异的原因在于度量指标和样本上存在区别。多数实证研究认为发展中国家开放资本项目的收益少于发达国家。本文认为其原因在于资本项目开放后,在增加投资、提高资源配置效率和增加政策约束性方面,发展中国家所获得的收益小于发达国家。因此,发展中国家开放资本项目必须具备一定的宏观经济和微观金融条件。
In recent years, foreign scholars have carried out a large number of empirical studies on the correlation between the opening up of capital projects and economic growth. They think that the difference between the empirical conclusions lies in the differences between the measurement indicators and the samples. Most empirical studies suggest that developing countries are less profitable than opening up capital projects to developed countries. This paper argues that the reason for this is that after the opening of capital account, developing countries receive less revenue than developed countries in terms of increasing investment, improving resource allocation efficiency and increasing policy binding. Therefore, developing countries must have certain macroeconomic and micro-financial conditions for opening up capital projects.