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Liu She(nZghloan g Jie Center for C Thsiinnag Shutuad U yGnriavdeursaitey School of Chinese Academy of Social Scie nBceis J1in0g0 1C0h2 i na !T"h# is article explore the impacts on eco annodm thice growth of financial integrationfinancial integration is measured through f foourre iignnd icators which are foreign assetsliabil ditireesct investment abroad and foreign direct investment. After collects the data of 72 countries from t1h9is8 0a rtoic l2e0 c0o5nstructs a dynamic panel data model. Based on the estimation of system ge GneMr a Milt mcoonmc le1u nOdt efm stheeth foodur indicators measuring finan ocnialyl ifnotreegirganti odnirect investment has a significant positive effect onthe economic growth nadnidca tthoer so cthaenr ntohtr epea sis thr ough the significance test 2 Investment abroad contributes more to the ecdo nomic growth of the developed countries anforeign direct investment contributes 3m Doureri ntog tthhaet porfo dcevsseloping countriesof financial tihnete dgeravteiloonping countries with high financial integration degree benefitsmore than the developing countries with low financial integration degree. $%& F!i'na ncial I nEtecgornaotimonic DGyrnoawmthic Pane l SDysateam M odelGMM ( )" õ *L+*1 #1L" 9 *3 C,1 0 86
