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The Research On Initiatives And Effects Of Domestic Capital Account Liberalization

Posted on:2006-04-12Degree:DoctorType:Dissertation
Country:ChinaCandidate:Y Q GuoFull Text:PDF
GTID:1116360152991250Subject:World Economy
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The relationship between capital account liberalization and economic growth has yet remained unclear while the effects capital account liberalization exerts on the overall economy and politics have been well studied before. Generally speaking, the reasons of capital account liberalization rely not only on the economic initiatives but also on many other factors beyond capital items management policy. Though researches concerning domestic capital account liberalization have been well made, the reasons of and the effects by capital account liberalization has seldom been studied comprehensively. The dissertation disclosed the real initiatives for capital account liberalization from a new perspective and analyzed the affluences capital account liberalization exerts on economic growth, banking and securities sector, currency exchange arrangements, so as to make the relationship between capital account liberalization and economic development clearer.The dissertation firstly interpreted the full meaning of some fundamental concepts including capital account and capital account liberalization, with consideration of their ambiguities. Then the paper line up the main theories in the field. What is more, the dissertation put the theories under the backgroundings they originated from so as to understand the ideology of mainstream capital account liberalization policies in different historical phases. The part is the basics of the dissertation.The dissertation then goes to discuss the deep reasons for capital account liberalization. With governments being regarded as "dark box", the dissertation introduced Game Theory into analysis framework to unveil the process and mechanism of capital account liberalization. Based on the Party Theory and Government-running Theory, the dissertation discusses government's decision-making initiatives on the micro-level. Under the aforementioned theories, the dissertation analyzes the initiatives in china's ongoing capital account liberalization reforms.In the final part, the dissertation go on analyzing the effects capital account liberalization exert on economic growth, bank and securities sector and currency exchange arrangements. The economic effects of capital account liberalization could be regarded as the potential economic results capital account liberalization would bring about. The relationship between capital account liberalization and economy, or more precisely, the pure effects brought only by capital account liberalization, remains unclear now. It is sure that its effects on overall economy are also decided by other related policy arrangements.The dissertation consists of 8 chapters excluding prelude and is divided into 3 parts. The part one, including chapter one and two, mainly interpret the full meaning of some fundamental concepts including capital account and capital account liberalization, then look back into the main theories of capital account liberalization under the context of practical process.Part two, including chapter three and chapter four, firstly looked back into the evolution mechanism of capital account liberalization, and analyzed the initiativeswhen governments made decisions about capital account liberalization. Then the dissertation made efforts to clear the deep impulses of capital account liberalization in China.Part three, consisting of the rest four chapters, briefly discuss the affluences capital account liberalization has on national economic growth, on the development of banking industry, on the capital market and currency exchange system arrangement, etc.Owing to the importance of capital account liberalization, to understand its evolution mechanism and further predict its effects on overall economic and political environment, is not only beneficial to the better understanding of capital account management system, but also helpful to guide the reform concerning the ongoing capital account liberalization in china.
Keywords/Search Tags:capital account, capital account liberalization
PDF Full Text Request
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