The growth and volatility is the core effect of financial liberalization,and the research on them is composed of the theory and practice of financial liberalization.The growth effect is derived from three macro channels: Saving Mobilization, saving conversion efficiency and capital allocation efficiency.In the perspective of financial function,the three have different micro foundation.The study of volatility effect comes from the reflection of the practice of financial liberalization.It mainly studies the implementation conditions,speed and order of financial liberalization, and the government regulation in the practice of financial liberalization.From the study of the growth effect to the volatility effect means the transformation of the concept of financial system governance.

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