| Since the 1970's and 1980's , with the obvious trend of economic globalization,in order to participate in international competition and cooperation,many developing countries had released their control of the capital account, international capital flows increased dramaticly. A country's international capital mobility has direct impact on its economic operation and the effect of macro-control policy. Compared with many other ways,the intertemporal consumption-smoothing model which is based on the intertemporal consumption-smoothing thoery has its unique advantages on measuring capital mobility and many foreign scholars have preference on it, but China's research in this area is few. This paper uses the intertemporal consumption-smoothing model to measure the international capital mobility of six representative emerging developing countries. The result of empirical study shows that, since 1950's and 1960's to recently, Thailand, Malaysia, Argentina and Chile, have high capital mobility, which has exceeded the adequate level. The capital mobility of China and India is relatively low, and China is the lowest the country, the intertemporal consumption-smoothing dose not hold in China only. In spite of this, in the past 30 years, the buffer role of the current account is gradually increasing, and the international mobility of capital is gradually being strengthened, particularly since the new millennium. On the basis of empirical resul and combined with the past reality of six countries, the analysis is conducted. The four countries with high capital mobility in the empirical result all had economic crisis exploded in their country, and before the crisis erupted, the open degree of secutity market was high and the step was fast. However, in China and India, the step of capital account openness is relatively stable and economic growth is robust. At the end of this article are the enlightenment and policy recommendations to capital account openness of China. |
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