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《Journal of Finance and Economics》 2009-06
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Dynamic Study on the Effectiveness of Capital Control in China from 1982 to 2008

XU Ming-dong1,XIE Xue-cheng2(1.Institute for Financial Studies, Fudan University, Shanghai 200433,China;2. Center for R&D, Southwest Securities Company,LTD., Beijing 100032, China)  
Based on saving-investment correlation method, Edwards-Kahn model, the measurement of capital control level and covered interest rate parity theory, the paper analyzes the effectiveness of capital control in China from 1982 to 2008 from the perspectives of real economy, monetary economy, legal framework and short-term arbitrage motivation. It explores that capital control policies in China has been basically effective since 1982 and the effectiveness of capital control is declining with the opening-up of domestic economy and control policies, and the higher capital liquidity. Although there exist a short-term boom of capital flow since 2007, capital control in China still significantly restraints international capital flow.
【CateGory Index】: F832.5;F224
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