由於世界貿易的興盛以及國際間頻繁的交流，金融自由化政策已成為世界各國的重要經濟政策，許多文獻對於金融自由化的影響仍未有一致的看法，本文使用Papaioannou and Siourounis (2008)所使用的差異中之差異模型(dfference in difference,DID)，探討開放資本市場對經濟成長內涵的影響，且加入了總體變數作為控制變數，以分析加入控制變數後是否會影響主要結果。金融自由化資料採用資料來源為Bekaert et al. (2005) 所統計的新興市場的金融、經濟、政策重要事件之年表，研究期間自1980年至2004年，樣本國包含已開發國家20國及開發中國家55國，共75國。實證結果顯示 : (一)在採用的樣本資料不做區分的情況下，金融自由化對於經濟成長並沒有顯著的影響。 (二)在將樣本劃分為已開發國家和開發中國家後，發現對於已開發國家而言，金融自由化使得已開發國家的資本存量進步率增加，從而導致經濟成長上升。而對於開發中國家而言，金融自由化對於經濟成長的影響則是透過總要素生產率的傳遞而有著正面的影響。 Under the wave of globalization, the interaction between countries through trade and financial integration has been increased. As such financial liberalization has been an important economy policy to stimulate economic performance. However, empirical evidence regarding the economic impact of financial liberalization on economic performance is indecisive. This thesis uses Papaioannou and Siourounis’s (2008) difference-indifference model to explore through which channel can capital market liberalization have impacts on economic growth. The financial liberalization indicator we used is a dummy variable constructed based on the dating information of equity market openness from Bekaert et al. (2005). The sample contains 75 countries, with 20 are developed countries and 55 are developing countries, over the 1980-2004 period. Our main findings are as follows : 1. There is no significant effect of financial liberalization on economic growth when using full sample. 2. After dividing the sample into developed and developing countries, we find that financial liberalization has a positive effect on economic growth through facilitating the accumulation of capital stock in developed countries, while for developing countries, equity market openness it exert a positive impact on economic growth through enhancing total factor productivity.
