资本账户开放、法治建设与资本积累——基于跨国面板数据的经验证据  

Capital Account Liberalization,Legal System Construction and Capital Accumulation: Empirical Evidence based on Multinational Panel Data

作　　者：荣晨[1] 曾铮[1] 葛蓉[2,3] Rong Chen1 Zeng Zheng2 Ge Rong3

机构地区：[1]国家发展和改革委员会市场与价格研究所 [2]平安银行股份有限公司北京分行 [3]中国人民大学财政金融学院

出　　处：《财经科学》2016年第11期25-33,共9页Finance & Economics

摘　　要：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。We select law construction indicator, take capital account liberalization, national governance and capital accumulation into account and put them into a unified analysis framework, to try to explain whether different economies be able to ob- tain capital accumulation after implementing capital account liberalization. For developed countries, the construction of rule of law has a positive influence on capital accumulation; for developing countries, the influence of rule of law＇s construction on capital accumulation is reverse. There exists a different effect of capital account liberalization on economic growth in different economies mainly due to different economic and political environment. Management tools of capital account need to be changed from executive and traditional ways to legal and economic ways. Access to capital accounts and quasi - out, especially the ac- cess to capita/markets need to pay attention to the implementation of regulation through legal and economic means.

关 键 词：资本账户开放 法治建设 资本积累 

分 类 号：D920.0[政治法律—法学] F832.6[经济管理—金融学]