The Study Of China's Capital Account Opening

Since the early 1980s,some developed countries have opened their capital account in succession and international finance gradually has associated day after day. Under this background , since the 1990s,some developing countries have loosen restriction of capital account in succession and tried to advance the process of their economy's liberalization. So a large amount of capital have flowed into developing countries from industrial countries. It seems that these capital became the motive that accelerate and exceed economy of the developing countries. But a sudden series of financial crises have made it clear that opening of capital account has risks as well as benefits. Therefore, all the developing countries must understand benefits and risks of capital account opening. Through the appropriate opening strategy and related policy arrangement, they can achieve benefits as best as their can. Simultaneously they can avoid their risk as far as possible and keep the financial crises away. However, the most important thing is to measure the degree of capital account opening accurately and comprehensively. By meaning of these measurements, Policy-makers only to objectively appraise benefits and risks of capital account opening, and to make out the right and effective strategies of capital account opening and economy developmentMany domestic and foreign literatures indicate: At present, most measurements of capital account opening only pay great attention to the quantitative analysis to measure the degree of capital account opening generally by one or several economic variables, or is limited to describe the opening of capital account only qualitatively. Most measurements can not survey the degree of capital account opening objectively and comprehensively. Other articles also study the opening of capital account, but most only describe qualitatively the significance,the background,the premise,the nature,the compositor,questions of capital account opening. Generally, now, there are not systematic comprehensive research of capital account opening at the domestic and aboard.From quantitative and qualitative views, the paper establishes creatively a suit of...