Putting the cart before the horse?: capital account liberalization and exchange rate flexibility in China
International Monetary Fund, 2005 - Business & Economics - 31 pages
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abroad allowed Asian crisis banking system billion Bretton Woods system capital account convertibility capital account liberalization capital account transactions capital controls tend capital flight capital inflows capital outflows Chile Chinese authorities Chinese exports context controls on capital corporate sector costs countries cross-border foreign exchange current account transactions domestic banks domestic financial system early move exchange rate flexibility exchange rate regime exchange rate volatility exposure external borrowing factors financial institutions financial markets financial sector fixed exchange rate float floating exchange rates foreign assets foreign currency loans foreign exchange market foreign exchange risks global economy gradual liberalization greater exchange rate greater flexibility hedge independent monetary policy interest rates investment investors macroeconomic move toward greater nominal exchange rate open capital account opening the capital percent of GDP Prasad and Wei pressures rapid recent relative renminbi is substantially risks associated short-term external debt trade U.S. dollar World Trade Organization WTO accession commitments