由於世界貿易的興盛以及國際間頻繁的交流，金融自由化政策已成為世界各國的重要經濟政策，許多文獻對於金融自由化的影響仍未有一致的看法，本文使用Papaioannou and Siourounis (2008)所使用的差異中之差異模型(dfference in difference,DID)，探討開放資本市場對經濟成長內涵的影響，且加入了總體變數作為控制變數，以分析加入控制變數後是否會影響主要結果。金融自由化資料採用資料來源為Bekaert et al. (2005) 所統計的新興市場的金融、經濟、政策重要事件之年表，研究期間自1980年至2004年，樣本國包含已開發國家20國及開發中國家55國，共75國。實證結果顯示 :   
(一)在採用的樣本資料不做區分的情況下，金融自由化對於經濟成長並沒有顯著的影響。
(二)在將樣本劃分為已開發國家和開發中國家後，發現對於已開發國家而言，金融自由化使得已開發國家的資本存量進步率增加，從而導致經濟成長上升。而對於開發中國家而言，金融自由化對於經濟成長的影響則是透過總要素生產率的傳遞而有著正面的影響。

Under the wave of globalization, the interaction between countries through trade and financial integration has been increased. As such financial liberalization has been an important economy policy to stimulate economic performance. However, empirical evidence regarding the economic impact of financial liberalization on economic performance is indecisive. This thesis uses Papaioannou and Siourounis’s (2008) difference-indifference model to explore through which channel can capital market liberalization have impacts on economic growth. The financial liberalization indicator we used is a dummy variable constructed based on the dating information of equity market openness from Bekaert et al. (2005). The sample contains 75 countries, with 20 are developed countries and 55 are developing countries, over the 1980-2004 period. Our main findings are as follows : 
1. There is no significant effect of financial liberalization on economic growth when using full sample. 
2. After dividing the sample into developed and developing countries, we find that financial liberalization has a positive effect on economic growth through facilitating the accumulation of  capital stock in developed countries, while  for developing countries, equity market openness it exert a positive impact on economic growth through enhancing total factor productivity.

目錄

第一章 緒論	1
第一節 研究動機與目的	1
第二節 研究架構	3
第二章 文獻回顧	5
第一節 有關金融自由化與經濟成長的文獻	5
第二節 有關金融自由化與經濟成長內涵的文獻	7
第三章 研究方法與實證資料	10
第一節 實證模型	10
第二節 估計方法	12
第三節 樣本說明	13
第四節 變數定義以及資料來源	18
第五節 變數的敘述統計量與描述	23
第四章 實證分析結果及其意涵	28
第一節 主要結果	28
第二節 強固性檢定	39
第三節 摘要總結	49
第五章 結論與建議	50
參考文獻	52

 
圖  表  目  錄

圖 1 1論文研究架構	4
表 3 1已開發國家開放時程表	14
表 3 2開發中國家開放時程表	15
表 3 3實證圖表變數定義	22
表 3-4敘述統計(全部樣本)	25
表 3-5敘述統計(已開發國家)	26
表 3-6敘述統計(開發中國家)	27
表 4-1金融自由化對所有國家的影響(未加入控制變數)	30
表 4-2金融自由化對所有國家的影響(加入控制變數)	31
表 4-3金融自由化對已開發國家的影響(未加入控制變數)	33
表 4-4金融自由化對已開發國家的影響(加入控制變數)	34
表 4-5金融自由化對開發中國家的影響(未加入控制變數)	37
表 4-6金融自由化對開發中國家的影響(加入控制變數)	38
表 4-7金融自由化對已開發國家的影響(動態模型)	41
表 4-8金融自由化對開發中國家的影響(加入控制變數)	42
表 4-9金融自由化對已開發國家的影響(人均產值成長率)	44
表 4-10金融自由化對開發中國家的影響(人均產值成長率)	45
表 4-11金融自由化對已開發國家的影響(折舊率5%)	47
表 4-12金融自由化對開發中國家的影響(折舊率5%)	48

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