Arbeitspapier
China's capital controls: Through the prism of covered interest differentials
We study the renminbi (RMB) covered interest differential - an indicator of the effectiveness of capital controls. It is found that the differential is not shrinking over time and, in fact, appears larger after the global financial crisis than before. That is, capital controls in China are still substantial and effective. In addition to exchange rate changes and volatilities, the RMB covered interest differential is affected by credit market tightness indicators. The marginal explanatory power of these macroeconomic factors, however, is small relative to the autoregressive component and the dummy variables that capture changes in China's policy.
- ISBN
-
978-952-6699-32-5
- Sprache
-
Englisch
- Erschienen in
-
Series: BOFIT Discussion Papers ; No. 22/2013
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Foreign Exchange
Current Account Adjustment; Short-term Capital Movements
- Thema
-
NDF implied RMB interest rate
capital controls
asymmetric response
macro determinants
credit market tightness
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Cheung, Yin-Wong
Herrala, Risto
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Finland, Institute for Economies in Transition (BOFIT)
- (wo)
-
Helsinki
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Cheung, Yin-Wong
- Herrala, Risto
- Bank of Finland, Institute for Economies in Transition (BOFIT)
Entstanden
- 2013
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