资本外流
金融危机
货币
经济
金融市场
自由化
资本市场
资本账户
汇率
金融体系
财务
首都(建筑)
货币危机
货币经济学
金融资本
市场经济
资本形成
宏观经济学
历史
考古
人力资本
出处
期刊:Oeconomia Copernicana
[Instytut Badan Gospodarczych / Institute of Economic Research]
日期:2016-12-31
卷期号:7 (4): 565-565
被引量:2
标识
DOI:10.12775/oec.2016.032
摘要
The purpose of this paper is to present the evolutionary changes occurring in the financial market of China, which were catalysed by the turmoil in the global financial market. These changes were the outcome of anti-crisis measures in macroeconomics policy undertaken at the beginning of the crisis; they were also a response to the quantitative easing policy in the USA and in the Euro Zone (i.e. an increased money supply also reaching the financial market in China). With the currently binding system of currency exchange (managed floating exchange rate), China’s policy towards capital movement, on the one hand, is an attempt to maximise the benefits of the inflow of foreign capital , whilst, on the other – to minimise the risk related to the sudden changes in the direction of the flow of capital. The consequence of such an approach is the strategy of gradual liberalisation of capital account, accompanied by the significant involvement of the state in the financial market. Some specific solutions applied to this matter, that are discussed in the paper, point to the specifics of such a strategy. The liberalisation of the national capital market was preceded by the liberalisation of the offshore market (in Hong Kong). Such a strategy allows China to take up measures directed at the internationalisation of their own currency without any significant opening of the capital account. This paper concentrates on a descriptive analysis of the above phenomenon.
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