The Yuan and Shanghai Pilot Free Trade Zone

• 영문명: The Yuan and Shanghai Pilot Free Trade Zone
• 발행기관: 세종대학교 경제통합연구소
• 저자명: Daqing Yao John Whalley
• 간행물 정보: 『Journal of Economic Integration』제30권 제4호, 591~615쪽, 전체 25쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2015.12.31

영문 초록

In this paper, we present evidence as to the effects of the China (Shanghai) Pilot Free Trade Zone on China’s capital controls which was initiated in September, 2013. It was a trial to introduce a combination of floating exchange rate and capital account liberalization into China’s macro policy mix. We employ three methods to test the China (Shanghai) Pilot Free Trade Zone’s impact on capital controls: price spread tests between Chinese Yuan in Hong Kong and Chinese Yuan, Renminbi yield gaps between onshore and offshore Renminbi markets, and Granger causalities in China’s money supply and foreign interest rates. All these tests give consistent results suggesting that the impact of China’s capital controls is weaker since the China (Shanghai) Pilot Free Trade Zone.

목차

Ⅰ. Introduction

Ⅱ. Cross-Border Capital Flows

Ⅲ. Price Spread Test

Ⅳ. The Effects on China’s Capital Controls

Ⅴ. The Effects on China’s Capital Controls

Ⅵ. Concluding Remarks

키워드

Evaluation Effect Shanghai Free Trade Zone