Impact of Investment Openness on National External Wealth: Based on Valuation Effects Perspective

Figure 1

Technological innovation shock (1%), the dynamic response of variables under different degrees of investment openness. Note: 1. The solid line, the short dotted line, and the long dotted line represent the value at 0.01, 0.10, and 0.20, respectively. Note: 2. SF represents the share of outward investment, Q represents the asset price difference, CA represents current account, VA represents the valuation effects, and NFA represents national external wealth. SFZ represents the impulse response route of SF after being impacted by technology innovation (Z); then SFZ1, SFZ2, and SFZ3 represent the dynamic trend of the share of outward investment impacted by technology innovation when the value is at 0.01, 0.10, and 0.20, respectively. Q, CA, VA, and NFA express the same meaning as SF.

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