Abstract: The study dynamically examines the interrelationship between capital account liberalization, technology finance development and high-quality economic development based on a structural vector autoregressive model with time-varying parameters (SV-TVP-SVAR), and explores in detail the interrelationship and time-varying impact on high-quality economic development through the selection of key time points of capital account liberalization and technology finance development. The findings show that (1) although capital account liberalization can promote the development of science and technology finance in the short term, the long-term positive effect is not robust and has obvious lagging characteristics. (2) The current development of science and technology finance cannot robustly promote capital account opening, but the promotion effect is most significant in times of economic crisis. (3) Observations at different time points of both show that the positive effect of the reform to deepen capital account opening on science and technology finance gradually weakens with increasing lags, while listing the GEM to the market can further promote capital account opening. (4) Both capital account liberalization and technology finance development can promote high-quality economic development in most periods, but there are significant differences in the promotion utility. The lagging effect of capital account opening is heterogeneous, while the positive driving effect of science and technology finance development fluctuates significantly.

Key words: capital account opening, science and technology development, high-quality economic development, SV-TVP-SVAR