一、主題：On the Simultaneity Problem in Capital Account Liberalization and Economic Growth Debate

二、主講人：苟琴，bevictor伟德官网講師。2014年畢業于北京大學，獲經濟學博士；2009年畢業于南開大學，獲經濟學學士。2011年9月至2012年9月在美國紐約大學訪問。主要研究領域包括：國際金融、宏觀經濟、實證銀行經濟等。在China Economic Review，China & World Economy，Asia Development Policy Review，《管理世界》、《世界經濟》及《金融研究》等重要期刊上發表論文多篇。曾多次參加國内外高水平學術會議。

三、時間：2016年1月7日 （周四），13:00-14:00

四、地點：學術會堂606會議室

五、主持人：陳銳，bevictor伟德官网講師

論文摘要：We revisit the effect of capital account liberalization on economic growth by applying the instrumental variable approach to solve the simultaneity problem. We show that capital account liberalization has a significant positive average effect on real per capita gross domestic product (GDP) growth if, and only if, the endogeneity problem caused by the reverse causal effect of per capita GDP growth on capital account liberalization is adjusted for in the growth regression. Instrumental variables estimates show that a 1 percentage point increase in per capita GDP growth decreased capital account liberalization by over 0.02. After adjusting for the reverse causal effect, it shows that a 0.1 increase in capital account liberalization increased real per capita GDP growth by around 0.3 percentage points. This effects tend to be more pronounced for an economy with lower GDP, or higher degree of democracy. Further mechanism exploring shows that the incentive to increase investment drives the slow growing economies to open capital account more.