From closed to open door policy: An empirical study of Chinas international capital mobility, 1958-98

Johan Adler
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Johan Adler: Department of Economics, School of Economics and Commercial Law, Göteborg University, Postal: Box 640, SE 40530 GÖTEBORG

No 64, Working Papers in Economics from University of Gothenburg, Department of Economics

Abstract: This paper employs the intertemporal consumption smoothing approach to the current account to measure the effective degree of Chinas international capital mobility during the period 1958-98. In contrast to all previous known country studies using this framework, the hypothesis that capital has been at least mobile enough to allow for full consumption smoothing behavior is rejected. Also, although there is clear evidence of a drastic increase in mobility following the introduction of the open door policy in the late 1970s, the result indicate that there remain effective barriers to Chinas international capital movements.

Keywords: Capital mobility; China; Consumption smoothing; Current account (search for similar items in EconPapers)
JEL-codes: F32 F41 F47 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2001-10-18
New Economics Papers: this item is included in nep-ifn, nep-mac, nep-sea and nep-tra
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