A Pragmatic Approach to Capital Account Liberalization
跨国回归显示外资流入与发展中国家经济增长关联微弱，表明国内储蓄不足并非增长的主要约束。本文探讨资本账户自由化的成本与收益新理论，提出务实推进路径。
Cross-country regressions suggest little connection from foreign capital inflows to more rapid economic growth for developing countries and emerging markets. This suggests that the lack of domestic savings is not the primary constraint on growth in these economies, as implicitly assumed in the benchmark neoclassical framework. We explore emerging new theories on both the costs and benefits of capital account liberalization, and suggest how one might adopt a pragmatic approach to the process.