Nonlinear Effects Of The Different Nature Of International Capital Flows On Economic Growth

With the liberalization of trade and the process of economic globalization,the scale of international capital flows is expanding,and the large inflow and outflow of international capital will have an important impact on the economic development of a country.The rapid rise of emerging economies has attracted the inflow of large-scale international capital,and the inflow of large-scale international capital also supports the economic growth of emerging economies;however,the inflow of large-scale international capital will also affect the emerging economies development and financial stability to bring some risks.Thus,on the one hand,as emerging economies gradually relax their control over their capital,gradually opening up capital accounts,how to formulate effective economic decisions,and thus play a large-scale international capital flows,and promote their own economic growth has become a new economy,The body must solve the policy problem.On the other hand,are there different differences in the effects of international capital flows of different nature,such as direct investment,security investment,and other investments on emerging economies?Which has become the emerging economies need to solve the current policy problems.Based on this background,this paper analyzes the impact of international capital on economic growth,and then briefly introduces the general situation of international capital flows in emerging economies.Based on the panel smoothing regression model(PSTR),this paper studies the relationship between different nature of international capital flows and economic growth in 30 major emerging economies,and uses capital account opening as a threshold variable,In this paper,To study the impact of international capital flows on economic growth in emerging economies.The empirical results show that there is a non-linear relationship between international capital flows and economic growth in different economies,and the role of direct investment in economic growth is becoming more and more important when the capital account opening degree changes from low institutional state to high institutional state The effect of other investment on economic growth is from significant to not significant,and its contribution to economic growth is relatively positive,and the effect of other investment on economic growth is relatively significant.Smaller,inferior to securities investment.Therefore,the active introduction of international capital must be:to optimize the net structure of international capital flows,to determine the international capital flows in the process of direct investment,securities investment,the best proportion of other investment;smooth and orderly to promote China's capital account open to adapt to globalization the situation;efforts to improve China's investment environment,which includes:to improve the legal environment,the protection of intellectual property rights;change government functions and work style;to promote China's financial market liberalization;Finally,strengthen the supervision of international capital flows.