WEKO3
アイテム
Benefits and Costs: the impact of capital control on growth-at-risk in China
http://hdl.handle.net/2344/0002000004
http://hdl.handle.net/2344/00020000041bb0724e-6d22-4b33-b182-95cf12a65093
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
Full-text PDF (1.51MB)
|
|
| Item type | アジ研テクニカルレポート / IDE Technical Report(1) | |||||||
|---|---|---|---|---|---|---|---|---|
| 公開日 | 2023-10-06 | |||||||
| タイトル | ||||||||
| タイトル | Benefits and Costs: the impact of capital control on growth-at-risk in China | |||||||
| 言語 | en | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Capital control policy | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Growth-at-risk | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Quantile regressions | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Narrative approach | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Monetary policy | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | China | |||||||
| 資源タイプ | ||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||
| 資源タイプ | technical report | |||||||
| 著者 |
Zhou,Yang
× Zhou,Yang
|
|||||||
| 抄録 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | Capital account liberalization is generally beneficial to developing and emerging countries. However, if there is a downside risk in one country, capital control policy can prevent it from exposing to carry trade flows and capital flight, and protect it from external financial volatility. In this paper, I study the marginal effects of different types of China’s capital control indices on GDP growth distribution and the term structure of such distribution using quantile regressions with local projections and fitted skewed t-distribution. I find that (i) there are heterogeneous effects of China’s capital control policies on GDP growth distribution: the aggregated capital control indices are beneficial in reducing the downside risk of real GDP growth in medium term whereas they are costly on the upswings of real GDP growth in near-term; (ii) the marginal effects of capital control indices on GDP growth over quantiles show that the heterogeneous effects are stronger in near-term than medium term; (iii) specifically, these heterogeneous effects are more evident in short term for outflow control index and resident transaction control index; (iv) the granular capital control indices show broadly heterogeneous effects even if several of them are statistically insignificant. | |||||||
| 言語 | en | |||||||
| 権利 | ||||||||
| 言語 | en | |||||||
| 権利情報 | Copyrights 2023 by author(s) | |||||||
| 収録情報 |
en : IDE Discussion Paper 巻 905, 発行日 2023-10 |
|||||||
| 出版者 | ||||||||
| 出版者 | Institute of Developing Economies (IDE-JETRO) | |||||||
| 著者版フラグ | ||||||||
| 出版タイプ | VoR | |||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||
| JEL分類 | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | JEL:F38 - International Financial Policy: Financial Transactions Tax; Capital Controls | |||||||
| JEL分類 | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | JEL:G01 - Financial Crises | |||||||
| JEL分類 | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | JEL:G28 - Government Policy and Regulation | |||||||
| 地域/国名 | ||||||||
| 位置情報（自由記述） | China | |||||||
| フォーマット | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | application/pdf | |||||||
| 言語 | en | |||||||
| DIG_NO | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | IDP000905_001 | |||||||
