关键词: 资本账户自由化, 信贷扩张, 系统性银行危机

Abstract: This paper studies the impact of credit boom and capital inflows on systemic banking crisis under capital account liberalization. Using longpanel data from 1973 to 2016 of 89 countries and controlling multiple factors that affect the risk of bank crisis, this paper finds that capital account liberalization helps reduce the risk of bank crisis. Further research finds that FDI inflows can significantly reduce the risk of bank crises; the appropriate amounts of equity investment inflows can help enhance the stability of the banking sector, but when large amounts of inflows are accompanied by excessive credit expansion and asset bubbles, the risk of bank crisis increases dramatically; when the inflow of debt investment is low, there is no significant impact on the stability of the banking sector, but when it exceeds a certain scale, the risk of banking crisis increases significantly.

Key words: capital account liberalization, credit boom, banking crisis