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已有研究成果表明,在健康的制度环境中,资本账户开放能够对本国经济起到积极影响。而如果一国的制度环境较差,会引起国内的扭曲,并吸引投资性的资本流动,造成本国经济的振荡和低增长。本文以资本流入为例,建立了扭曲背景下资本流动导致不同的增长路径的跨期比较模型,结果显示只要本国对扭曲有较强的自我修正能力,无论国内要素供求关系怎样变化,经济总能保持稳定、较快增长,否则经济会陷入振荡和低增长的境地。
Research has shown that in a healthy institutional environment, the liberalization of capital account can have a positive impact on the domestic economy. If a country’s institutional environment is poor, it will cause domestic distortions and attract investment capital flows, resulting in the oscillation and low growth of its economy. This paper takes the capital inflow as an example to establish the intertemporal comparison model that capital flows lead to different growth paths under the distorted background. The results show that as long as the country has a strong self-correcting ability to distort, no matter how the domestic factor supply and demand changes, Maintain a steady and rapid growth, otherwise the economy will fall into the situation of oscillation and low growth.