RIEB Discussion Paper Series No.2020-05

RIEB Discussion Paper Series No.2021-25

Title

Effects of China's Capital Controls on Individual Asset Categories

Abstract

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.

Keywords

Capital controls; China; Local projection

JEL Classification

F38, F32, G15

Inquiries

Shigeto KITANO
Research Institute for Economics and Business Administration
Kobe University
Rokkodai-cho, Nada-ku, Kobe
657-8501 Japan
Phone: +81-78-803-7036
FAX: +81-78-803-7059

Yang ZHOU
Graduate School of Economics, Kobe University