Does Capital Account Liberalization Affect Income Inequality?*
采用双重差分与倾向得分匹配法，发现资本账户开放使发展中国家最贫困一半人口的收入份额下降2.66-3.79个百分点，而最富10%人口份额上升5.19-8.76个百分点。
Abstract By adopting an identification strategy of difference‐in‐difference estimation combined with propensity score matching between liberalized and closed countries, this paper provides robust evidence that opening the capital account is associated with an increase in income inequality in developing countries. Specifically, capital account liberalization, in the long run, is associated with a reduction in the income share of the poorest half by 2.66–3.79% points and an increase in that of the richest 10% by 5.19–8.76% points. Moreover, directions and categories of capital account liberalization matter. The relationship is more pronounced when liberalizing inward and equity capital flows.