实证研究表明,外国资本的流入与新兴市场国家快速的经济发展缺少显著关系。而新古典经济学派认为缺少足够的国内储蓄是经济体发展受限的主要原因,资本流入可以有助于提高国内储蓄,进而推动经济增长。笔者通过对已有研究成果的梳理,在对资本账户开放与经济增长缺少显著关系做出解释的同时,重新反思资本账户开放对经济的影响路径。 Empirical studies show that the inflow of foreign capital lacks a significant relationship with the rapid economic development in emerging market countries. The neoclassical economics believes that the lack of adequate domestic savings is the main reason for the limited development of the economy. Capital inflows can help increase domestic savings and further economic growth. Through combing the existing research results, the author explains the lack of significant relationship between the opening up of capital account and economic growth, and at the same time, rethinks the impact of capital account liberalization on the economy.