Analysis on Optimal Financial Openness:Research on the Inverse U-shaped Relationship Between Financial Opening Level and Economic Growth Rate
Under the goal of building a financial power,China's financial opening strategy will still adhere to the pragmatic logic of"openness-stabili-ty",and the theoretical logic behind it needs to be clarified.Focusing on the existence of optimal financial openness,this paper constructs a sec-ond-stage dynamic model of a country's economic growth before and after financial opening based on the financial development framework at the the-oretical level and finds that the relationship between financial openness level and economic growth speed is inverted U-shaped due to the impact of a country's savings rate,financial development level,domestic labor productivity and the gap between international interest rates.At the empirical level,it focuses on the description of the inverted U-shaped relationship between the level of financial openness and the speed of economic growth.It applies the"inverted U-shaped measurement framework under sufficient and necessary conditions"to the field of financial openness for the first time,and rigorously proves that there is a robust inverse U-shaped relationship between the level of financial openness and the speed of economic growth under the factual measurement method and the legal measurement method.This paper rigorously proves that the optimal degree of financial openness does exist,proves the controllability of a country's financial opening process,and provides theoretical footnotes for China's pragmatic fi-nancial opening strategy of"openness and stability".The relationship between China's financial opening level and economic growth rate under the two measures is still on the left side of the interval of the extreme point of the inverted U-shaped curve,and China still has the space for financial opening under the condition of maintaining stable economic growth in the future.Moreover,because the level of financial opening under the current legal measure is further away from the extreme value of the invertedU-shaped curve,the focus of the future financial opening to promote stable eco-nomic growth should be on the legal financial opening degree,and focus on bridging the gap between the legal measure and the fact measure of fi-nancial opening level.
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