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Abstract
With the continuous development of economic globalization and the liberalization of China’s capital account, and the scale and frequency of international capital flow are constantly increasing. These cross-border capital flows not only promote the domestic economic development, but also bring many potential risks to the domestic economic and financial system. Many international organizations’ and countries’ views on the capital control also changed, and put forwarded the policy framework of capital flow management, including macro prudence and capital flow management. Furthermore, the capital control policy itself and its effect also become the focus of governments and the academia. Based on the establishment of monthly and quarterly capital control indicators in 1995-2018, this paper analyzed the characteristics and trends of China’s capital control policy. The results show that: the intensity of China’s capital control policy is fluctuating and decreasing, and the restrictions are gradually relaxed, and the development of economic globalization is obviously affected by domestic economic environment and international factors.
Highlights
The meaning of capital control is a country’s measures to control its international capital flow
The results show that: the intensity of China’s capital control policy is fluctuating and decreasing, and the restrictions are gradually relaxed, and the development of economic globalization is obviously affected by domestic economic environment and international factors
It holds that capital control tools refer to a series of policy measures, including administrative means, tax and macro prudential policies which is aimed at restricting international capital flow and influencing their scale or structure
Summary
The meaning of capital control is a country’s measures to control its international capital flow. With the acceleration of economic and financial global integration, cross-border flow of capital between countries has become an irreversible trend, and the possible abnormal fluctuations of short-term capital flow will bring challenges in the relevant countries. Faced with this situation, finding a effective way to adjust. L. Yang capital flow and to reduce the incidence of serious imbalances in income and expenditure caused by cross-border speculative capital flow, ensuring the stability of domestic investment, preventing capital outflow and stabilizing macroeconomics is a key issue for a country to maintain the development of economic in the context of globalization. Base on the above considerations, this article establishes monthly and quarterly indicator to measure capital control intensity and analyzes the characteristics and trends of the capital control intensity through a combination of qualitative and quantitative methods
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