Do Inflows Or Outflows Dominate Global Implications Of Capital Account Liberalization In China PDF Download
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Author | : Mr.Tamim Bayoumi |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2013-08-28 |
Genre | : Business & Economics |
ISBN | : 1475532156 |
Download Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China Book in PDF, ePub and Kindle
This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in- and outflows, but the direction of net flows has depended on many factors. An econometric portfolio allocation model finds that capital controls significantly dampen cross-border portfolio asset holdings. The model also suggests that capital account liberalization in China may trigger net portfolio outflows as large domestic savings seek to diversify abroad.
Author | : Mr.Eswar Prasad |
Publisher | : International Monetary Fund |
Total Pages | : 63 |
Release | : 2005-04-01 |
Genre | : Business & Economics |
ISBN | : 1451860986 |
Download The Chinese Approach to Capital Inflows Book in PDF, ePub and Kindle
In this paper, we adopt a cross-country perspective to examine the evolution of capital flows into China, both in terms of volumes and composition. China's inflows have generally been dominated by foreign direct investment (FDI), a pattern that appears to be favorable in light of the recent literature on the experiences of developing countries with financial globalization. We provide a detailed documentation of the evolution of China's capital controls, a proximate determinant of the pattern of capital inflows. We also discuss a number of other intriguing hypotheses that attempt to capture the "deeper" causes underlying China's approach to capital flows. In particular, we argue that some popular mercantilist-type arguments are inconsistent with the facts. We also analyze the recent rapid rise of China's international reserves and discuss its implications. Contrary to some popular perceptions, the dramatic surge in foreign exchange reserves since 2001 is mainly attributable to non-FDI capital inflows, rather than current account surpluses or FDI.
Author | : Mr.Eswar Prasad |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2005-01-01 |
Genre | : Business & Economics |
ISBN | : 1451975457 |
Download Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China Book in PDF, ePub and Kindle
This paper reviews the issues involved in moving towards greater exchange rate flexibility and capital account liberalization in China. A more flexible exchange rate regime would allow China to operate a more independent monetary policy, providing a useful buffer against domestic and external shocks. At the same time, weaknesses in China’s financial system suggest that capital account liberalization poses significant risks and should be a lower priority in the short term. This paper concludes that greater exchange rate flexibility is in China’s own interest and that, along with a more stable and robust financial system, it should be regarded as a prerequisite for undertaking a substantial liberalization of the capital account.
Author | : Mr.Tamim Bayoumi |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2013-08-29 |
Genre | : Business & Economics |
ISBN | : 1475591446 |
Download Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China Book in PDF, ePub and Kindle
This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in- and outflows, but the direction of net flows has depended on many factors. An econometric portfolio allocation model finds that capital controls significantly dampen cross-border portfolio asset holdings. The model also suggests that capital account liberalization in China may trigger net portfolio outflows as large domestic savings seek to diversify abroad.
Author | : Edwin L.-C. Lai |
Publisher | : Cambridge University Press |
Total Pages | : 347 |
Release | : 2021-07-08 |
Genre | : Business & Economics |
ISBN | : 1108491685 |
Download One Currency, Two Markets Book in PDF, ePub and Kindle
Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.
Author | : Paolo Giordani |
Publisher | : International Monetary Fund |
Total Pages | : 47 |
Release | : 2014-08-08 |
Genre | : Business & Economics |
ISBN | : 1498317499 |
Download Capital Flow Deflection Book in PDF, ePub and Kindle
This paper focuses on the coordination problem among borrowing countries imposing controls on capital infl ows. In a simple model of capital flows and controls, we show that inflow restrictions distort international capital flows to other countries and that, in turn, such capital flow deflection may lead to a policy response. We then test the theory using data on inflow restrictions and gross capital inflows for a large sample of developing countries between 1995 and 2009. Our estimation yields strong evidence that capital controls deflect capital flows to other borrowing countries with similar economic characteristics. Notwithstanding these strong cross-border spillover effects, we do not find evidence of a policy response.
Author | : W. Raphael Lam |
Publisher | : International Monetary Fund |
Total Pages | : 392 |
Release | : 2017-01-14 |
Genre | : Business & Economics |
ISBN | : 1513539949 |
Download Modernizing China Book in PDF, ePub and Kindle
China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively—not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins and guides the functioning of markets as the key organizing principle toward achieving sustained economic and social progress. Against this background, this volume provides policymakers, academics, and the public with valuable information about policies and institutions in China today. It also looks at the road ahead and key principles that can help China in navigating it. The book focuses on issues crucial in the country’s transformation, such as tax policy and administration, social security, state-owned enterprise reform, medium-term expenditure frameworks, the role of local government finances, capital account liberalization, and renminbi internationalization. As China moves toward a more price-based allocation of resources, strengthening monetary policy frameworks and financial sector regulation will be particularly important in channeling resources to the most productive sectors and minimizing the risks of financial sector stress. Also, upgrading statistical frameworks will be critical for macroeconomic policymaking and investors. Visit : http://www.elibrary.imf.org/page/modernizing-china
Author | : Peter Blair Henry |
Publisher | : |
Total Pages | : 82 |
Release | : 2006 |
Genre | : Capital |
ISBN | : 9780979037634 |
Download Capital Account Liberalization Book in PDF, ePub and Kindle
"Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The lion's share of papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory, because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary to test the theory and examines papers that have done so. Studies that actually test the theory show that liberalization has significant effects on the cost of capital, investment, and economic growth"--National Bureau of Economic Research web site.
Author | : Mr.Eugenio M Cerutti |
Publisher | : International Monetary Fund |
Total Pages | : 17 |
Release | : 2018-12-07 |
Genre | : Business & Economics |
ISBN | : 1484377478 |
Download China's Bond Market and Global Financial Markets Book in PDF, ePub and Kindle
A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successful liberalization of the Chinese bond market would encompass not only loosening bond market regulations, but also further developing of other markets, notably the foreign exchange market. Even though the increased integration of China into international capital markets would increase its exposure to the global financial cycle, the costs in terms of monetary autonomy would not be large given China’s size and especially under a well-articulated macroeconomic framework.
Author | : Zheng Yong-nian |
Publisher | : World Scientific |
Total Pages | : 360 |
Release | : 2019-03-05 |
Genre | : Business & Economics |
ISBN | : 9811203636 |
Download China's Economic Modernisation And Structural Changes: Essays In Honour Of John Wong Book in PDF, ePub and Kindle
This book provides a timely update on the ongoing transformation of the Chinese economy. As the world's second largest economy, China marked the 40th anniversary of economic reform and opening-up in 2018. In this book, top scholars on Chinese economic studies review China's remarkable economic achievement in the past four decades and analyse the challenges facing economic development in the country.The book focusses on structural changes of China's economy, which are essential to steer the country towards sustainable development. It studies the long-term factors affecting the Chinese economy such as education and innovation, and emerging sources of economic growth, such as e-commerce. Other important aspects of the Chinese economy explored in this book include the economic role of the Chinese government, fiscal reforms, capital account liberalisation, housing policies, competition policy and anti-monopoly law, China's export, trends of regional development and reforms of state-owned enterprises.This rich collection of policy-oriented economic studies is also a tribute to Professor John Wong, former research director of the East Asian Institute, National University of Singapore, who passed away in June 2018. For over three decades, Professor Wong had followed and provided insightful analyses on China's economic development.