China's capital flight: Pre- and post-crisis experiences
DC Element | Wert | Sprache |
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dc.contributor.author | Cheung, Yin-Wong | |
dc.contributor.author | Steinkamp, Sven | |
dc.contributor.author | Westermann, Frank | |
dc.date.accessioned | 2021-12-23T16:15:52Z | - |
dc.date.available | 2021-12-23T16:15:52Z | - |
dc.date.issued | 2016 | |
dc.identifier.issn | 02615606 | |
dc.identifier.uri | https://osnascholar.ub.uni-osnabrueck.de/handle/unios/11622 | - |
dc.description | International Conference on the New Normal in the Post-Crisis Era, City Univ Hong Kong, Kowloon Tong, HONG KONG, MAY 21-22, 2015 | |
dc.description.abstract | We study China's illicit capital flow and document a change in its pattern. Specifically, we observe that China's capital flight, especially the one measured by trade misinvoicing, exhibits a weakened response in the post-2007 period to the covered interest disparity, which is a theoretical determinant of capital flight. Further analyses indicate that the post-2007 behavior is influenced by quantitative easing and other factors including exchange rate variability, capital control policy and trade frictions. Our study confirms that China's capital flight pattern and its determinants are affected by the crisis event. Further, both the canonical and additional explanatory variables have different effects on different measures of capital flight. These results highlight the challenges of managing China's capital flight, which requires information on the period and the type of capital flight that the policy authorities would like to target. (C) 2015 Elsevier Ltd. All rights reserved. | |
dc.description.sponsorship | Hung Hing Ying and Leung Hau Ling Charitable Foundation; Bundesbank Regional Office in Bremen; Lower Saxony; Saxony-Anhalt; Global Research Unit of CityU; We thank Joshua Aizenman, Bertrand Candelon, Steve Cecchetti, Valentina Corradi, Pierre-Olivier Gourinchas, Katharina Panopoulou, XingWang Qian, Eli Remolona, Matthew Yiu, and participants of the 2015 CityU-DNB-JIMF Conference on ``The New Normal in the Post-Crisis Era,'' the 3rd Workshop on ``New Financial Reality,'' and the 9th MIFN Conference. Also, we are grateful to Kenneth Chow, Charlotte Emlinger, MingMing Li, XingWang Qian, and Fengming Qin for providing some of the data used in our exercise. Cheung and Westermann gratefully thank The Hung Hing Ying and Leung Hau Ling Charitable Foundation, the Bundesbank Regional Office in Bremen, Lower Saxony and Saxony-Anhalt, and the Global Research Unit of CityU for their support. | |
dc.language.iso | en | |
dc.publisher | ELSEVIER SCI LTD | |
dc.relation.ispartof | JOURNAL OF INTERNATIONAL MONEY AND FINANCE | |
dc.subject | Business & Economics | |
dc.subject | Business, Finance | |
dc.subject | Capital controls | |
dc.subject | Covered interest disparity | |
dc.subject | DEBT | |
dc.subject | INVESTMENT | |
dc.subject | POLITICAL RISK | |
dc.subject | Quantitative easing | |
dc.subject | SAHARAN AFRICAN COUNTRIES | |
dc.subject | TRADE | |
dc.subject | Trade misinvoicing | |
dc.subject | World Bank residual method | |
dc.title | China's capital flight: Pre- and post-crisis experiences | |
dc.type | conference paper | |
dc.identifier.doi | 10.1016/j.jimonfin.2015.12.009 | |
dc.identifier.isi | ISI:000378972000006 | |
dc.description.volume | 66 | |
dc.description.issue | SI | |
dc.description.startpage | 88 | |
dc.description.endpage | 112 | |
dc.contributor.orcid | 0000-0002-1426-2736 | |
dc.contributor.orcid | 0000-0002-7564-7402 | |
dc.contributor.researcherid | AAC-9875-2019 | |
dc.identifier.eissn | 18730639 | |
dc.publisher.place | THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND | |
dcterms.isPartOf.abbreviation | J. Int. Money Finan. | |
dcterms.oaStatus | Green Submitted, Green Published | |
crisitem.author.dept | FB 09 - Wirtschaftswissenschaften | - |
crisitem.author.deptid | fb09 | - |
crisitem.author.parentorg | Universität Osnabrück | - |
crisitem.author.netid | WeFr948 | - |
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geprüft am 07.06.2024