Capital-Account Liberalization, the Cost of Capital, and Economic Growth
新兴经济体开放股市后，股息收益率下降240个基点，资本存量增速年均提高1.1个百分点，人均产出增速年均提高2.3个百分点，表明资本账户自由化能带来实际收益。
Three things happen when emerging economies open their stock markets to foreign investors. First, the aggregate dividend yield falls by 240 basis points. Second, the growth rate of the capital stock increases by an average of 1.1 percentage points per year. Third, the growth rate of output per worker rises by 2.3 percentage points per year. Since the cost of capital falls, investment booms, and the growth rate of output per worker increases when countries liberalize the stock market, the increasingly popular view that capital account liberalization brings no real benefits seems untenable.