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

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

Tamim Bayoumi
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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.
Pages
33
Format
ebook
Publisher
International Monetary Fund
Release
January 01, 2013
ISBN
1299963951
ISBN 13
9781299963955

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

Tamim Bayoumi
0/5 ( ratings)
Read Download
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.
Pages
33
Format
ebook
Publisher
International Monetary Fund
Release
January 01, 2013
ISBN
1299963951
ISBN 13
9781299963955

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