Effects of China's Capital Controls on Individual Asset Categories
We empirically assess the effects of China's capital controls on individual asset categories by using the local projection method. Our results show stark differences among individual asset categories. Capital controls on equity and financial credits affect the corresponding net inflows significantly, whereas those on the other three asset categories (bonds, commercial credits, and direct investment) do not.
Capital controls; China; Local projection
F38, F32, G15
Research Institute for Economics and Business Administration
Rokkodai-cho, Nada-ku, Kobe
Graduate School of Economics, Kobe University