Pain or Gain?Chinese Experience of Capital Account Liberalization  

作　　者：Hongfeng Peng Jingwen Yu 

机构地区：[1]School of Finance,Shandong University of Finance and Economics,China [2]School of Economics and Management, Wuhan University,China

出　　处：《China & World Economy》2019年第5期79-107,共29页中国与世界经济（英文版）

基　　金：The authors are grateful for support from the Natural Science Fund of China(No.71661137003);the National Social Science Fund of China (No.16ZDA032);the Science Foundation of Ministry of Education of China(No.17JZD015).

摘　　要：The neoclassical growth model predicts that capital account liberalization could potentially enhance economic performance;however, there is no consistent empirical evidence to support this positive association. Using a novel dataset of Chinese capital account openness, this paper demonstrates a positive relationship between capital account liberalization and aggregate economic performance. The difference-indifferences method is used to capture the causal effect of capital account liberalization on economic performance by taking advantage of variations in both external financial dependence and the progress of capital account openness. We investigate three channels that could strengthen this positive relationship using a firm-level dataset. We find that capital account liberalization could:(i) alleviate the degree of resource misallocation, and this effect is more significant in industries relying heavily on external finance and in regions with more favorable business environments;(ii) enhance firms' total factor productivity;and (iii) promote innovation. Our findings suggest that a strategy of gradual openness will leave some leeway not only for improvement in domestic markets but also to mitigate exposure to unfavorable global shocks.

关 键 词：CAPITAL ACCOUNT LIBERALIZATION DIFFERENCE-IN-DIFFERENCES innovation PRODUCTIVITY 

分 类 号：F[经济管理]