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The Management of Cross-Border Capital Flows and Macroeconomic Stability in China (No. 14)

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USD 6.00 Publisher: TWN
ISBN: 978-983-2729-69-3
Year: 2009
No. of pages: 56
Size of book: 14.5cm x 21cm
Author: Yu Yongding

About the Book

China has been an economic success story over the last three decades, but in recent years persistent balance-of-payments surpluses have subjected the Chinese currency to appreciation pressures and the economy to the danger of overheating. Among the policy measures the Chinese government can use, and has used, to address these challenges is the imposition of capital controls.

This paper examines China’s management of cross-border capital flows and the role it plays in the stewardship of the Chinese economy. The author also traces the evolution of the country’s capital account regime from the 1980s till the present-day policy, which aims at relieving upward pressure on the currency and minimizing volatile speculative capital inflows.

China’s experience shows that, notwithstanding some leakages and loopholes, capital controls are effective if the government has the will and determination to implement them. Indeed, this paper contends, the maintenance of capital controls should be a key part of policy efforts to sustain China’s remarkable record of rapid and stable growth.

About the Author

YU YONGDING is Director-General of the Institute of World Economics and Politics, Chinese Academy of Social Sciences.

Contents
  1. INTRODUCTION                       
                                                   
  2. CHINA’S CAPITAL ACCOUNT REGIME     
                            
  3. THE CONSOLIDATION OF CHINA’S BANKS  
                       
  4. RECENT CAPITAL FLOWS AND EFFECTIVENESS OF CAPITAL CONTROLS

  5. MACROECONOMIC AND EXCHANGE RATE POLICIES AND CAPITAL CONTROLS

  6. MANAGEMENT OF FOREIGN EXCHANGE RESERVES  

  7. THE CHALLENGES AHEAD

    REFERENCES

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This product was added to our catalog on Monday 20 June, 2011.


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