Capital Controls and Capital Account Liberalization

Author: Jin Cong
Publisher:
Publish Date: 2006-08-01
Features: Capital control is not only a practical reality in China's macroeconomy but also a hot topic of concern for both the academic and practical communities. Today, China has become the focus of the global economy, and the issue of China's capital control is no longer just a matter of concern for the Chinese people. Maintaining balance of payments equilibrium and steadily advancing the capital account convertibility of the RMB are major challenges faced by the central bank and foreign exchange management authorities. In this sense, the publication of this book is timely. – Wu Xiaoling, Vice Governor of the People's Bank of China
With the continuous deepening of China's economic integration with the global economy, the impact of international capital flows on China has become increasingly significant, making capital control a topic worthy of in-depth research and attracting widespread attention from all sectors. This book can be considered a specialized work dedicated to the study of capital control within China. The author draws on international literature to establish a theoretical framework and research methodology for capital control, developing a comprehensive analytical framework for addressing capital control issues. From the perspectives of objectives, means, intensity, and effectiveness, the book conducts a systematic, scientific, and in-depth study of China's capital control, and on this basis, analyzes China's policy choices for relaxing capital control and advancing capital account liberalization.
The distinctive feature of this book lies in its integrated use of theoretical and empirical analysis methods. It not only emphasizes the application of a relatively mature theoretical system as a framework for studying China's capital control issues but also extensively employs event analysis and case study methods to examine various aspects of China's capital control. Particularly in the chapters on the intensity and effectiveness of capital control, the book emphasizes quantitative analysis of macroeconomic data, especially international balance of payments statistics.