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CAPITAL ACCOUNT LIBERALIZATION AND ECONOMIC PERFORMANCE IN MALAYSIA

机译:马来西亚的资本账户自由化和经济绩效

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摘要

This study examines the impact of capital account liberalization on economic growth in Malaysia from 1970 to 2004. It uses two measures of capital account openness, namely de jure (an index of liberalization) and de facto (the volume of capital flows). The empirical results based on the modified growth model demonstrate that the de jure measure of capital account liberalization shows an adverse effect on growth in Malaysia. However, the de facto measure shows a robust positive effect on economic growth. The results also highlight that the effect of capital account liberalization on growth is contingent on a country's level of financial development and the quality of its institutions.
机译:这项研究考察了1970年至2004年间资本账户自由化对马来西亚经济增长的影响。它使用了两种资本账户开放度衡量方法,即法律(自由化指数)和事实上(资本流动量)。基于修正的增长模型的实证结果表明,从法律上衡量资本账户自由化的措施对马来西亚的增长表现出不利影响。但是,事实上的措施显示出对经济增长的强劲积极作用。结果还强调,资本账户自由化对增长的影响取决于一个国家的金融发展水平及其机构的质量。

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