| Since the reform and opening up, the world financial has become more and moreglobal, also the world economy globalization has become more and more booming,along with China’s accession to the world trade organization, China’s financial anopen process also obtained the rapid development, economic obtained fast growth.China has performt his duties and made a significant contribution to the worldeconomic growth and financial development,.constantly he made perfect policy lawsand regulations, to relax and open policy, encourage domestic economic and financeinto the world foreign economic and finance to be domestic.About the financialopening evaluation and measure, many scholars made a country’s capital openingdegree, money opening degree or both to measure the finacial opening as a financialopening degree, also some scholars measure the finacila degree from laws,regulations,market access. And few scholars study the relationship between financial opening andeconomic growth, most of them has studied the relationship between the financialdevelopment and economic growth,lack of this in the paper. And the financialopening play an important part in the economic development.So how about the finacial opening degree? What is the relationship between thefinancial opening and economic growth? The financial opening promote theeconomic growth or inhibit economic growth? Is financial opening helped economicgrowth or economic growth promotes financial opening? If there is a function,are thesame in the long term and the short term?In view of the above questions, firstly, this paper analize the impact between thefinacial opening and economic growth through the analysis of the impaction aboutfinacial opening and economic growth at the basis of the related theory. at the sametime, analize the impaction about the economic growth to financial opening. Secondly,according the advantages and disadvantages of the financial opening both at home andabroad to measure the finacial opening degree from the reference related theoretical literature, domestic financial service internationalization, foreign financial serviceslocalization, the free flow of capital and regulations opening four aspects, capitalmarket opening-up, money market open two Angle of build financial opencomprehensive evaluation index system, and use principal component analysis tomeasure financial open comprehensive index from1990to2010. Finally throughempirical granger causality test, to analyze the financial opening and economicgrowth in the long-term, and build VEC error correction model and use impulseresponse function to analize of the financial and economic growth and opening of therelationship between short-term changes. In the final analysis, the conclusion ourfinancial opening and economic growth mutual influence, but financial openingeffects the economic growth significantly greater than the influence that the economicgrowth to the financial opening.The main innovations of this paper lie in the following three:1. This paper constructs the financial opening comprehensive evaluation indexsystem from four aspects and two Angle,and select13indicators, using principalcomponent analysis to measure our open comprehensive index measure from1990to2010.2. On the basis of the theory of finacial opening and economic growth, throughthe influce to savings rate, investment rate, saving investment rate to analize theinfluences the financial opening to the economic growth, and at the same time fromresources optimization allocation, the expansion of total finance and systemarrangement to analize the influce the economic growth to the finacial opening.3. Use empirical model to research the relationship between financial openingand economic growth from the long-term, and constructs the error correction model,to analize the relationship with impulse response function from short-term. |
