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Article Dans Une Revue China Economic Review Année : 2016

Measuring the on-going changes in China's capital controls: A de jure and a hybrid index data set

Résumé

Liberalizing China's capital account controls may have profound implications for the RMB exchange rate, monetary policy autonomy, and Chinese economy. However, rigorous studies on the importance of China's capital controls are limited, primarily due to the scarcity of proper measurements of China's capital controls. In this paper we create a new data set of indices including de jure and hybrid measurements of the changes in China's capital controls. In contrasting to other capital control indices that are compiled in a yes-or-no style, we quantify the intensity of changes in China's capital controls. Our indices reveal a persistent but uneven process of capital account liberalization in China between 1999 and 2012. This paper describes the de jure and hybrid indices, including indices for capital controls on individual asset categories, gross flows, inflows and outflows, as well as for residents and nonresidents asset transactions. Understanding that China usually implements policies in a step by step gradualist style, we extract those gradual information from the text in the IMF's Annual Report on Exchange Arrangement and Exchange Restrictions (AREAER) and some supplementary material from other sources.
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Dates et versions

hal-03727640 , version 1 (19-07-2022)

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  • HAL Id : hal-03727640 , version 1

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Jinzhao Chen, Xingwang Qian. Measuring the on-going changes in China's capital controls: A de jure and a hybrid index data set. China Economic Review, 2016. ⟨hal-03727640⟩
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