New Resolve In The Open Capital Account Exchange Rate Risk Perspective

Capital account liberalization is that the currency of capital items could be exchange freely. At the background of financial capital globalization,Capital account liberalization brings a lot of risk to a country's economy as well as some benefits. In recent years, many financial crises related to capital account liberalization closely. And through the case study of the experience and lessons of other countries, the step and policy advice of China's capital account liberalization has been concluded.There are four chapters in this thesis totally:Chapter 1: First, regulate the definition of risk of exchange rate, analyze possibility of speculative attack after the liberalization of capital account, then point out the inner and outer sources of this risk, accordingly illustrate process of currency crisis caused by liquidation of hot money. At last, give some advices for policy-making under the theoretical analysis frame of the liberalization of Capital Account.Chapter 2: Establish risk-earnings model of liberalization of Capital Account, as a result, benefit advices are put forward. In this section, Chile is taken as an example for the case study; mainly give us some experience and lessons on the sequence of liberalization and the strategy of risk-resistance.Chapter 3:Elaborate preconditions of Capital Account's liberalization; analyze the situation of our reform and capital control in China. As a conclusion, it is necessary to make partly control over capital account under recent background for the resistance of exchange rate risk.Chapter 4:This section is the conclusion of this thesis. From the view of international comparison, we can learn much from experienced countries' undergoing, then point out the focus of our reform, finally it discusses the arrangement of relative policies.