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Financial development and capital account liberalization of China: institutions and the sequence of liberalization

机译:中国的金融发展和资本账户自由化:制度和自由化的顺序

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This paper investigates nexus among capital account liberalization, financial development, institutions and trade liberalization with data of China from 1978 to 2005. Results indicate total effects of capital account openness on financial development are restricted by institutional quality; Trade liberalization significantly spurs capital account liberalization and is the Granger cause of the latter, but the reverse does not appear to be the case. Moreover, trade liberalization has a significant negative correlation with financial development. Base on these results, this paper further analyses the sequence of forthcoming reform of China.
机译:本文利用1978年至2005年中国的数据,研究了资本账户开放,金融发展,制度和贸易自由化之间的联系。结果表明,资本账户开放度对金融发展的总体影响受到制度质量的限制;贸易自由化极大地刺激了资本账户自由化,这是后者的格兰杰原因,但事实并非如此。此外,贸易自由化与金融发展有着显着的负相关性。基于这些结果,本文进一步分析了中国即将进行的改革的顺序。

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