Open Society,Economic Growth And Pattern Choice Of Capital Market Opening

This dissertation devotes to the study of the opening road of China's capital market in the context of the economic globalization, and conducts an empirical study on the relation between the economic growth and the capital market. The capital globalization is an important features of the economic globalization. Thus the study of capital market and its opening will present significant economic importance for China, which is opening itself to the world.This dissertation first introduces the philosophical concept of open society, which is treated as the foundation of an ideal world economic governance in the globalization context. In theory, it also studies the path dependency theory which shows the gradualness in the process of institutional evolution, shows the chaos in the evolution of global economic order and the governance behind the chaos, and makes a generalization on the features of economic globalization and its theories.Secondly, the dissertation makes a theoretical review on the theories of the capital and economic growth, the capital flow and economic growth, and the capital market and economic growth. Specifically, it conducts a comparatively deep research on the relation between the evolution of China's capital market and the economic growth by employing an empirical model.In chapter three, the dissertation makes a historical research on the evolution of capital market, which aims at deepening our understanding of the capital market and generalizing its role in the Capitalistic economic development in the aspect of historical evolution.Chapter four makes a discussion on the market economy transition and the experience of the capital market opening in some countries. The discussion of market economy transition owes to the thought that on one hand China's economic transition is the context where its capital opening takes place, and meanwhile China's capital market opening is the component of its economic transition. As for the experience of capital market opening in other countries, it surely can be used asreference in China's capital market opening.Chapter five makes a deep and detailed discussion on the progressive path of capital market evolution. It mainly studies the policy whose aim is to realize gradually the opening of domestic market to the international capital, i.e. QDII, and meanwhile it draws a conclusion that the QDII policy should be taken as the road of domestic market opening.In the last chapter, this dissertation argues that only the opening policy can promote China's development, and for the capital market, the institutional construction should be carried out meanwhile. Specially, it points out that in the context of capital globalization, the opening of capital market should hold a control over the capital and carry out the institutional construction that strengthens the capital market monitoring, ensure the national independence in the process of market opening, and conduct institutional innovation continually.