|
TWN
Global Economy Series no. 14
The
Management of Cross-Border Capital Flows and Macroeconomic Stability
in China
By
YU YONGDING
Publisher:
TWN (ISBN: 978-983-2729-69-3)
Year:
2009 No. of pages: 56
|
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
PRICE
US$8.00
for First World countries
US$6.00
for Third World countries
RM8.00
for Malaysia
Prices
are inclusive of postage costs by airmail.
How
to Order the Book
Visit
our TWN Online Bookshop or contact
Third World Network at 131 Jalan Macalister, 10400 Penang, Malaysia.
Tel:
604-2266159
Fax:
604-2264505
Email for further information.
BACK
TO MAIN | ONLINE
BOOKSTORE | HOW TO ORDER
|