The Empirical Study Of Opening Capital Account To Promote Economic Growth

The report of Eighteenth National Congress of the CPC pointed out that:we should carry out a more proactive opening-up strategy to improve the level of the economy open comprehensively to adapt to the new situation of economic globalization and improve the mutually beneficial and win-win,multiple equilibrium,safe and efficient system of economy open.Thus it can be seen,to improve the level of the economy open comprehensively is our country's important strategic task,and capital account opening is a important part of economy opening.China will still speed up the RMB capital account convertibility in the next five years.In the study at home and abroad,some scholars supported that capital account opening will give positive effect on economic performance,but some supported that capital account opening will give negative effect on economic performance.Because of the difference,my study add three moderators:the level of economic development,the government quality and the level of finance development.In this paper,the first is the literature review;then I will use the quantitative index and rule-based index to calculate and compare the capital account openness of 20 countries.;then I will study the direct effect,at last I will add the cross term of capital openness and moderator and the cross term of capital openness and the square value of moderator in my panel data model.My study result is that capital account opening can improve economy development,and there is a U shaped relationship between the responsiveness of economic performance to capital account openness and the level of economic development.My study also find that a U shaped relationship between the responsiveness of economic performance to capital account openness and the government quality.The moderating effect of the level of finance development is also like a U shaped relationship.