MARC Record from Library of Congress

LEADER: 01999nam a22003137a 4500
001 2007619406
003 DLC
005 20071227120558.0
007 cr |||||||||||
008 071227s2007 sz sb 000 0 eng
010 $a 2007619406
040 $aDLC$cDLC
050 00 $aHG3879
100 1 $aMa, Guonan.
245 10 $aDo China's capital controls still bind?$h[electronic resource] :$bimplications for monetary autonomy and capital liberalisation /$cby Guonan Ma and Robert N. McCauley.
260 $aBasel, Switzerland :$bBank for International Settlements,$cc2007.
490 0 $aBIS working papers,$x1682-7678 ;$vno. 233
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file (viewed on Dec. 27, 2007).
500 $a"Monetary and Economic Department."
500 $a"August 2007."
530 $aAlso available in print.
520 3 $aThe paper argues that China's capital controls remain substantially binding. This has allowed the Chinese authorities to retain some degree of short-term monetary autonomy, despite the fixed exchange rate up to July 2005. Although the Chinese capital controls have not been watertight, we find sustained and significant gaps between onshore and offshore renminbi interest rates and persistent dollar/renminbi interest rate differentials during the period of a de facto dollar peg. While some cross-border flows do respond to market expectations and relative yields, they have not been large enough to equalise onshore and offshore renminbi yields.
504 $aIncludes bibliographical references.
653 $aForeign exchange market ;$aCapital flows ;$aCapital controls ;$aMonetary policy ;$aFinancial stability and the Chinese economy
700 1 $aMcCauley, Robert N.$q(Robert Neil),$d1953-
710 2 $aBank for International Settlements.$bMonetary and Economic Dept.
856 42 $3Summary page with link to full-text PDF report$uhttp://www.bis.org/publ/work233.htm