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Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China

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 o...

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Bibliographic Details
Main Author: Bayoumi, Tamim
Other Authors: Ohnsorge, Franziska
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2013
Series:IMF Working Papers
Subjects:
Institutional Investors
Stock Exchanges
Capital Account Liberalization
Stocks
Pension Funds
Finance
Short-term Capital Movements
Financial Institutions
Financial Instruments
Current Account Adjustment
Balance Of Payments
Exports And Imports
General Financial Markets: General (includes Measurement And Data)
Capital Account
Investments: Bonds
International Economics
Non-bank Financial Institutions
Financial Markets
Bonds
Stock Markets
Investments: Stocks
Investment & Securities
Finance: General
China, People's Republic Of
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary: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
Physical Description:32 pages
ISBN:9781475532159

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