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International Capital Flows And The Chinese Stock Market Internationalization

Posted on:2004-05-18Degree:DoctorType:Dissertation
Country:ChinaCandidate:K F LiuFull Text:PDF
GTID:1116360122972099Subject:National Economics
Abstract/Summary:PDF Full Text Request
With the fastening pace of the Economy Globalization, the international capital movement (ICM) shows many new changes that cause important influence on the structure of the international security markets and result in the internationalization of the security markets as the tend of development among security markets around the world today. China has been keeping a constant and rapid growth during the last two decades of reform and openness, and become one of the most attractive countries to the international capital in the world. China's security market has put much vitality into the economic development and reform, and is playing more important role in appealing international capital. After the assess to WTO, China would speed up the process of and increase the level of the internationalization of its security market in higher strategic structure level, wider business scopes and deeper cooperation. This paper studies the internationalization of China's security market under the background of the ICM and analysis the mechanism between the ICM and security market.The paper logically comprises three parts, including seven chapters.The first part, consisting of Chapter One and Two, analyzes the mechanism between ICM and security market. In the Chapter One, it definite the concept of the ICM and classify it, review the development of theories of international direct and indirect investment (i.e. security investment). In the Chapter Two, it reveals the mechanism between the ICM and security market including direct and indirect ways. The international capital will cause the instant growth and shrink in the scale of the security market and huge fluctuation in security price, even finance turbulence when they rapidly and directly move in and out the security market in a large amount, it also gives indirect influence on the security market by effecting the macroeconomic environment such as interest, exchange rate, foreign exchange reserve and capital forming. The paper summaries the recent characteristics of ICM in the background of the Economic Globalization, and reveals their important influence on the structure of international security markets.The second part, consisting of Chapter Three, comparatively analyzes the models of internationalization of security markets in different countries.Based on the former studies of the concept of ICM, the paper gives its own definition to ICM and explains the content in practicing side, also introduces several measurements in evaluating the level of internationalization. America, Britain and Japan are chosen as the matured security markets, Chili and China Taiwan are selected as the emergency security markets to explore their internationalization modes. It is found that various models were applied such as Complete Direct Model, Limited Direct Model and Indirect Model due to the differences in their economy base, system structure, role in the world finance and opening ideas. Although there are many differences among these models, we notice existence of the common and general regulars, for example, the process of internationalization are driven and influenced by the same facts and owns the samefeatures. Both successful and failure experience of those countries are valuable to China, the general regulars would be applicable in the practice of China's security market during its process of internationalization.Part three; consisting of Chapter 4,5,6,7, it studies the problems of internationalization of China's security market in the background of ICM.In the Chapter 4, it states the feature of China's ICM, including formal inflow and outflow, capital escape. The main means of ICM into China has been changed from the international credit to FDI, and the international security capital is more active, the channels of entering into China's security market is being widen. With the entrance of international capital, the link between China's security market and the international security market is strengthened, the long-term investment ration is being established, the...
Keywords/Search Tags:the international capital movement, security markets, internationalization
PDF Full Text Request
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