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External Financial Liberalization and Foreign Debt in China

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Author Info
Dr James Laurenceson () (School of Economics, The University of Queensland)

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Abstract

China has not been a large net capital importer during the reform period (1979-present). This is surprising because economic theory predicts it should have been in light of its low capital - labour ratio. One possible explanation with important policy implications is that foreign capital inflows may have been restricted due to the slow pace of external financial liberalization. The empirical analysis conducted in this paper lends support to this hypothesis. However, before policy makers in China can look upon external financial liberalization as a growth-inducing strategy, fiscal reform and greater levels of domestic financial liberalization are first needed.

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File URL: http://eprint.uq.edu.au/archive/00000436/01/DP304Jan02.pdf
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Paper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 304.

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Date of creation: Jan 2002
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Handle: RePEc:qld:uq2004:304

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  1. Terry Sicular, 1998. "Capital Flight and Foreign Investment: Two Tales From China and Russia," The World Economy, Blackwell Publishing, vol. 21(5), pages 589-602, 07. [Downloadable!] (restricted)
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  2. Chou, W. L. & Shih, Y. C., 1998. "The Equilibrium Exchange Rate of the Chinese Renminbi," Journal of Comparative Economics, Elsevier, vol. 26(1), pages 165-174, March. [Downloadable!] (restricted)
  3. Eichengreen, B. & Mussa, M. & Dell'Ariccia, G. & Detragiache, E. & Milesi-Ferretti, G. & Tweediw, A, . "Liberalizing Capital Movements:Some Analytical Issues," IMF Economic Issues 17, International Monetary Fund. [Downloadable!]
  4. McKinnon, Ronald I, 1991. "Financial Control in the Transition from Classical Socialism to a Market Economy," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 107-22, Fall. [Downloadable!] (restricted)
  5. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "Paper tigers?: A model of the Asian crisis," European Economic Review, Elsevier, vol. 43(7), pages 1211-1236, June. [Downloadable!] (restricted)
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  1. Lane, Philip R. & Schmukler, Sergio L., 2007. "The international financial integration of China and India," Policy Research Working Paper Series 4132, The World Bank. [Downloadable!]
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