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本文采用边限检验方法和1979-2013年时间序列数据考察了法定和事实开放程度对我国经济增长的影响,以及国内经济发展水平和国际经济金融变量对金融开放效果的影响.研究发现,跨境金融交易法律法规的放松及跨境金融交易规模的扩大均会促进我国的经济增长,但其增长效果随着时间的推移、物质资本存量的增加、金融发展及人力资本水平的提升而降低.此外,金融开放具有降低世界产出、利率及原油价格对经济冲击的作用.最后,物质资本对经济增长的促进作用显著,人力资本正成为经济增长的重要推动力量,但金融发展和人口增长对经济增长不存在促进作用.
This paper examines the impact of the statutory and factual openness on China’s economic growth by using the marginal test method and the 1979-2013 time series data and the impact of the domestic economic development level and the international economic and financial variables on the financial opening effect. The relaxation of laws and regulations in financial transactions and the expansion of cross-border financial transactions will all promote economic growth in our country, but their growth effects will decrease over time as the stock of physical capital increases, as well as financial development and human capital levels. , And financial liberalization has the effect of reducing world output, interest rates and the impact of crude oil prices on the economy.Finally, the promotion effect of material capital on economic growth is significant, and human capital is becoming an important driving force for economic growth. However, the impact of financial development and population growth on the economy There is no promotion of growth.