中国资本管制强度研究

发布时间：2018-03-27 13:56

本文选题：资本项目　切入点：资本管制　出处：《金融研究》2004年12期

【摘要】：本文试图运用定性的基于法规的研究方法及定量的基于统计数据的研究方法,揭示中国1994年以来资本管制强度的变化,得出的重要结论是:(1)1994年以来,中国对资本项目的管制经历了放松(1996)、收紧(1997-1998)、再放松(1999-2003)的过程,最终的结果是比1994年有了较大幅度的放松;(2)在国际收支统计资本与金融项目的三大类别,即直接投资、证券投资和其它投资(主要包括贸易信贷和外债)中,其它投资方面的管制政策变化最多、最频繁;而直接投资,特别是对外投资方面放松管制的幅度最大;(3)基于法规衡量中国资本管制强度的指标与反映资本流动实际行为的指标之间的确存在相关性;(4)与已有基于法规的衡量方法相比,笔者根据中国资本项目管理特点设计的方法更能客观地反映中国资本管制强度的变化。
[Abstract]:This paper attempts to reveal the changes in the intensity of capital control in China since 1994 by using qualitative and regulation-based research methods and quantitative statistical data-based research methods. The important conclusion is that the capital control intensity has changed since 1994. China's capital account control has experienced a process of loosening up its capital account in 1996, tightening it up in 1997-1998, and then loosening it in 1999-2003.The final result is that compared with 1994, there has been a greater relaxation) in the three major categories of capital and financial projects in the balance of payments statistics, namely, direct investment. Among portfolio and other investments (mainly including trade credit and external debt), other investment controls change the most frequently, while direct investment, In particular, in the area of outward investment, there is the greatest degree of deregulation. (3) there is a real correlation between the indicators that measure the intensity of capital controls in China based on regulations and those that reflect the actual behavior of capital flows. According to the characteristics of China's capital account management, the author can objectively reflect the change of China's capital control intensity.
【作者单位】：清华大学经济管理学院
【分类号】：F832

【相似文献】