Arbeitspapier
Capital flight: China's experience
We study the empirical determinants of China's capital flight. In addition to the covered interest differential, our empirical exercise includes a rather exhaustive list of macroeconomic variables and a few institutional factors. Overall, our regression exercise shows that China's capital flight is quite well explained by its own history and covered interest differentials. The other possible determinants offer relatively small additional explanatory power. It is also found that China's capital flight responds differently to the components of covered interest differentials and to the positive and negative components of these variables. The response pattern, however, depends on the choice of data frequency. The general impression is that the monthly results are more intuitive than the quarterly ones.
- Language
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Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 2931
- Classification
-
Wirtschaft
International Finance: General
Current Account Adjustment; Short-term Capital Movements
International Financial Markets
- Subject
-
covered interest differential
forward premium
expected depreciation
asymmetric response
macro determinants
Kapitalflucht
Zinsparität
Devisentermingeschäft
Erwartungstheorie
Makroökonomischer Einfluss
China
- Event
-
Geistige Schöpfung
- (who)
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Cheung, Yin-Wong
Qian, Xingwang
- Event
-
Veröffentlichung
- (who)
-
Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2010
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Cheung, Yin-Wong
- Qian, Xingwang
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2010
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