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What to expect when China liberalizes its capital account

Author: Mark Kruger; Bank of Canada,
Publisher: Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2016. Ã2016
Series: Staff discussion paper (Bank of Canada), 2016-10.
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
When China joined the World Trade Organization in December 2001, it marked a watershed for the world economy. Ten years from now, the opening of China's capital account and the financial integration that will unfold will be viewed as a milestone of similar importance. This paper discusses the benefits, to China and the rest of the world, of deepening China's capital account liberalization. We assess China's current  Read more...
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Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Mark Kruger; Bank of Canada,
OCLC Number: 1003468002
Language Note: Includes abstracts in English and French.
Notes: Distributed by the Government of Canada Depository Services Program (Weekly acquisitions list 2016-19).
"Aãpril 2016."
Description: 1 online resource (iv, 28 pages).
Series Title: Staff discussion paper (Bank of Canada), 2016-10.
Responsibility: by Mark Kruger and Gurnain Kaur Pasricha, International Economic Analysis Department, Bank of Canada.

Abstract:

When China joined the World Trade Organization in December 2001, it marked a watershed for the world economy. Ten years from now, the opening of China's capital account and the financial integration that will unfold will be viewed as a milestone of similar importance. This paper discusses the benefits, to China and the rest of the world, of deepening China's capital account liberalization. We assess China's current level of de jure and de facto integration, in relation to other G20 economies. We update the Pasricha et al. (2015) data on capital control actions to 2015 for China, to assess China's international financial integration. We also look at its relative international investment position to gauge its de facto integration. We then estimate the size and composition of capital flows likely to ensue assuming that China's further capital account liberalization results in its gross international investment position converging to that of the G20 average. In addition, we discuss the risks involved with the further opening of China's capital account and how they can best be managed. We also emphasize the potentially stabilizing effects of residents' flows and the importance of liberalizing inflows and outflows in a balanced way and at the same time.

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