Publication:
Capital Account Liberalization : Does Advanced Economy Experience Provide Lessons for China?

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dc.contributor.authorChelsky, Jeff
dc.date.accessioned2012-08-13T10:17:05Z
dc.date.available2012-08-13T10:17:05Z
dc.date.issued2012-02
dc.description.abstractThe initial post World War II pursuit of capital account liberalization (CAL) by advanced economies was Europe-centric, with roots in a broader political rather than economic agenda of greater European integration. In continental Europe, CAL was addressed mostly through the adoption of multilateral instruments and codes. In contrast, CAL by the United States and United Kingdom was pursued unilaterally, motivated by their status as global reserve currency issuers and global financial centers. China's situation is fundamentally different. China today has no equivalent to the European political motivation for CAL or the domestically driven financial motivation of the United States or the United Kingdom. And while China may have long-term aspirations to be a global reserve currency issuer, the extent to which it internationalizes its currency is constrained by powerful domestic economic and political interests that continue to benefit from an export-led growth model underpinned by a pegged and undervalued exchange rate, both of which are difficult to maintain with an open capital account. Alongside China's overarching concern with the maintenance of financial and economic stability, these factors imply a different path for China than paths taken by advanced economies, with significant acceleration in the gradual pace of liberalization unlikely without accelerated development of domestic constituencies that traditionally support CAL.en
dc.identifierhttp://documents.worldbank.org/curated/en/2012/02/15822799/capital-account-liberalization-advanced-economy-experience-provide-lessons-china
dc.identifier.doi10.1596/10054
dc.identifier.urihttps://hdl.handle.net/10986/10054
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesEconomic Premise; No. 74
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADVANCED COUNTRIES
dc.subjectADVANCED COUNTRY
dc.subjectADVANCED ECONOMIES
dc.subjectADVANCED ECONOMY
dc.subjectBASKET COMPOSITION
dc.subjectBOND
dc.subjectBOND MARKET
dc.subjectBORDER CAPITAL FLOWS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ACCOUNT CONVERTIBILITY
dc.subjectCAPITAL ACCOUNT LIBERALIZATION
dc.subjectCAPITAL CONTROLS
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET LIBERALIZATION
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL MOVEMENT
dc.subjectCAPITAL MOVEMENTS
dc.subjectCAPITAL RULES
dc.subjectCOMMON MARKET
dc.subjectCOMMUNICATIONS TECHNOLOGY
dc.subjectCOMPETITIVE DEVALUATION
dc.subjectCOMPETITIVE DEVALUATIONS
dc.subjectCOMPLEX INSTRUMENTS
dc.subjectCROSS-BORDER CAPITAL
dc.subjectCURRENCY BASKET
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT CONVERTIBILITY
dc.subjectCURRENT ACCOUNT TRANSACTIONS
dc.subjectDEPOSITS
dc.subjectDEREGULATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDOMESTIC BONDS
dc.subjectDOMESTIC FINANCIAL SECTOR
dc.subjectDOMESTIC INSTITUTIONAL INVESTOR
dc.subjectECONOMIC DISRUPTION
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC STABILITY
dc.subjectEXCHANGE RATE
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL INNOVATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SYSTEM
dc.subjectFIXED EXCHANGE RATES
dc.subjectFLOATING EXCHANGE RATE
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN INSTITUTIONAL INVESTOR
dc.subjectFORWARD MARKET
dc.subjectGLOBAL FINANCE
dc.subjectGLOBAL FINANCIAL CENTERS
dc.subjectGLOBAL FINANCIAL FLOWS
dc.subjectHOLDINGS
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINTERNATIONAL MONETARY FUND
dc.subjectINTERNATIONAL RESERVE
dc.subjectISSUANCE
dc.subjectLIBERALIZATION OF CAPITAL
dc.subjectLIBERALIZATION OF CAPITAL MOVEMENTS
dc.subjectLIBERALIZATION OF TRADE
dc.subjectMARKET ACCESS
dc.subjectMARKET HOLDINGS
dc.subjectMONETARY FUND
dc.subjectMOVEMENT OF CAPITAL
dc.subjectOPEN CAPITAL ACCOUNT
dc.subjectPEER PRESSURE
dc.subjectPERIODS OF STRESS
dc.subjectPOLITICAL ECONOMY
dc.subjectPOVERTY REDUCTION
dc.subjectPRIVATE DOMESTIC
dc.subjectPRIVATE FINANCIAL SECTOR
dc.subjectPUBLIC SECTORS
dc.subjectRESERVE CURRENCY
dc.subjectSECURITIES
dc.subjectSECURITIES MARKET
dc.subjectSHORT-TERM CAPITAL
dc.subjectSINGLE MARKET
dc.subjectSINGLE_MARKET
dc.subjectSOCIAL DEVELOPMENT
dc.subjectSTOCK MARKET
dc.subjectTRADING
dc.subjectTRANSPARENCY
dc.subjectTREATY
dc.subjectUNILATERAL LIBERALIZATION
dc.titleCapital Account Liberalization : Does Advanced Economy Experience Provide Lessons for China?en
dspace.entity.typePublication
okr.date.disclosure2012-02-21
okr.date.doiregistration2025-04-29T09:20:29.814227Z
okr.doctypePublications & Research::Brief
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2012/02/15822799/capital-account-liberalization-advanced-economy-experience-provide-lessons-china
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid711811468261892554
okr.identifier.externaldocumentum000333038_20120222010059
okr.identifier.internaldocumentum15822799
okr.identifier.report66926
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/02/22/000333038_20120222010059/Rendered/PDF/669260BRI00PUB00Economic0Premise074.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryChina
okr.topicMacroeconomics and Economic Growth::Financial Economics
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicInternational Economics and Trade::Capital Flows
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicPrivate Sector Development::Emerging Markets
okr.unitOffice of VP & Head of Network (PRMVP)
okr.volume1 of 1
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