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首页> 外文会议>Management in the post-crisis era: diverse world and diversified management. >Optimal Instants Of Capital Account Liberalization, Perspective From The Outbound Portfolio Investment And Loan Flowing
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Optimal Instants Of Capital Account Liberalization, Perspective From The Outbound Portfolio Investment And Loan Flowing

机译：从境外证券投资和贷款流向的角度来看，开放资本账户的最优瞬间

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Based on the background of the post international financial crisis, related study whether the impacts of different type capital account liberalization on the financial instability is significant and how to choose the optimal instants of the openness implementation is much more valuable. In this paper, we will analyze the influence of the outbound portfolio investment and loan flowing liberalization on the financial instability. Subsequently, we introduce the switch system optimal control model to simulate the optimal instants of the related liberalization in China. The results show that the outbound portfolio investment liberalization will directly lead to reduce the financial instability in low degree openness economies and will increase the risks in high degree openness economies. The loan flowing liberalization will lead to increase the financial instability and the worsening impact on the low degree liberalization economies is much higher. Ensuring the premise of domestic financial stability, the optimal instant of China outbound portfolio investment liberalization should be located from January to the end of February 2016, while the optimal instant of the loan flowing liberalization will be promoted from July to September 2011.
机译：在后国际金融危机的背景下，相关研究对不同类型的资本账户开放对金融不稳定的影响是否显着，以及如何选择实施开放的最优时机具有更大的价值。在本文中，我们将分析对外证券投资和贷款流动自由化对金融不稳定的影响。随后，我们介绍了切换系统最优控制模型，以模拟中国相关自由化的最优时刻。结果表明，境外证券投资自由化将直接减少低开放度经济体的金融动荡，并增加高开放度经济体的风险。放贷自由化将导致金融不稳定，对低度自由化经济的恶化影响更大。在确保国内金融稳定的前提下，中国境外有价证券投资自由化的最佳时机应定在2016年1月至2016年2月底，而贷款流动自由化的最佳时机应定于2011年7月至2011年9月。

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