东盟国家资本流入的经济增长效应比较-金融学专业论文.docx

供合理的策略和政策建议。 关键词：资本流入 经济增长 东盟 FDI FPI FOI A COMPARISON OF THE ECONOMIC GROWTH EFFECTS OF CAPITAL INFLOWS IN ASEAN COUNTRIES ABSTRACT ASEAN has witnessed great changes since 1980s. Most ASEAN countries, such as Singapore and Malaysia practiced floating exchange rate and capital account liberalization in succession, in order to attract foreign capital. As Chenery said, capital inflows can make up Saving Gap and Foreign Exchange Rate Gap, and then promote economic growth. As ASEAN’s economic develops and financial markets grow, the region is newly becoming a potential destination for investment. After the establishment of CAFTA in 2010, the scale of Sino-ASEAN investment is extending continuously, along with the rapid development of mutual trade cooperation. How to invest in ASEAN has become an important issue for China. Capital seeks higher yields. It’s difficult to measure and compare marginal gain of different industries and markets. This paper uses the Economic growth effects of Capital inflows to measured earnings and then researches the effects of a various capital flows on economic growth, the results of which provide a reference for China and ASEAN. This paper researches the impact of a various capital flows on economic growth and uses some charts to describe the relationship between capital flows and economic growth. The VAR Model and standard Granger Causality test are employed to investigate the Economic growth effects of capital flows in ASEAN economies like Singapore, Vietnam and so on. The mai n conclusions show as follows: In the long run, FDI inflows can promote economic growth in most ASEAN countries. FPI has greater economic growth effects in Singapore and Malaysia, which FOI has greater effects on Singapore. The last paragraph makes a summing up of the economic growth effects of a various capital flows. Finally, this paper provides some suggestion for the government of China to promote investment in ASEAN. KEY WORDS: capital flow