Ӧ�ø���ͳ�� 2011, 27(2) 163-171 DOI:      ISSN: 1001-4268 CN: 31-1256

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ʹ��Hansen (1999)�������ֵģ��,
���������Խ��ڿ��ų̶ȱ仯�ʵĻع�ϵ���Ƿ�������ͬ. ʵ֤�����ʾ:
����ָ�������ֵ0.5896, ������ָ����ڴ���ֵʱ,
�����ع�ϵ��Ϊ0.0667, Ҳ����˵, ���ڿ��ſ��Դٽ���������,
��������ָ����ڴ���ֵʱ, �ع�ϵ��Ϊ-0.0200,
���ڿ�������ܻ��谭��������. �������������ָ��,
��60\%���ϵķ�չ�й���(�����)����ڸ���ֵ. �����:
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Financial Openness and Economic Growth
--- An Empirical Analysis Based on Panel Threshold Model
Lin Qingquan,Yang Feng
China Financial Policy Reseach Center,
Renmin University of China,CITIC Securities Company Limited

This study analyzes whether there exists
asymmetric relationship between financial openness and economic
growth for a panel of 55 countries and areas during the ten-year
period 1996 to 2006. Setting World Bank's Governance Indicators (GI)
which measures economic and political environment of countries as
threshold variable, the advanced panel threshold model in Hansen
(1999) is performed. The result reveals that there exists one
threshold effect between financial openness and economic growth and
the estimated threshold value is found to be 0.5896. When the GI of
an economy lies below the threshold, the estimated coefficient
between growth and financial openness is -0.0200, which means
financial openness will hurt growth. While in the higher regime, the
relationship between growth and financial openness is positive and
the coefficient is 0.0667. Among the 55 countries and areas, all
developed countries' GIs are in the higher regime, while more than
60\% of the developing economies' GIs lie in the lower regime. So
when developing economies carry out financial openness policy, they
should better the economic and political environment

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