Abstract: The net effects of both factual openness and regulatory openness on economic growth were tested using the multi-period difference-in-differences method based on data from 22 emerging market countries from 1990 to 2019. The results show that the net effects of both are positive, but the net effect of factual openness is greater and more significant. A dynamic non-equilibrium panel model is constructed using data from 16 open countries from 2002 to 2019 to examine the relationship between the development of international board markets and economic growth and to analyze the role of capital account liberalization in this process. It is found that the development of international board markets had a significant positive impact on the host country’s economic growth, and capital account liberalization had a significant positive moderating effect on the relationship between international board markets and economic growth.

Key words: international board; capital market opening; capital account liberalization; economic growth; emerging market countries