The Study Of The Relationship Between The Belt And Road Economies' Financial Openness And Economic Fluctuation

Theory and practice have showed that financial openness is a bumpy road which is full of opportunities and challenges.Financial openness seems inevitable for the Belt and Road economies,meanwhile,due to the high risk of financial liberalization,financial regulation is necessary as well.In the context of The Belt and Road Initiative,this paper focuses on financial openness and takes the relative economies as samples to find out whether they should push financial openness;and if the answer is yes,then to further explore the corresponding policy recommendations.The core content of this paper consist of four parts,the second chapter is theoretical study,including the definition and measurement system of financial openness and economic fluctuation,and the interaction mechanism between them;The third chapter studies relative conditions of those economies by calculating the data and indicators;The fourth chapter based on GMM measurement method,empirically analyzes the influence of the Belt and Road economies' financial openness on economic fluctuations;The fifth chapter puts forward related suggestions based on the previous research and experiential research.The empirical results show that financial openness and economic fluctuations are not significantly correlated when taking all the economies as samples.The openness of financial markets in countries with high financial openness can effectively slow down the economic fluctuation,but the financial openness policy of the countries with low financial openness will aggravate the economic fluctuation.And this paper finds out twelve economies and CIS countries can temporarily slow down the speed of financial openness.According to the characteristic analysis,empirical analysis and the experiential research,the final part explores how to reduce the negative effect of financial openness on economic fluctuation,how to prevent the financial crisis as well as how to strengthen financial cooperation,from aspects of country level,subregional level and regional level.