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CHINESE EXPERIENCE (2) answer(s).
 
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1
ID:   094682


China's opening society: the non-state sector and governance / Yongnian, Zheng (ed.); Fewsmith, Joseph (ed.) 2008  Book
Fewsmith, Joseph Book
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Publication London, Routledge, 2008.
Description ix, 244p.
Standard Number 9780415451765
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Copies: C:1/I:0,R:0,Q:0
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Accession#Call#Current LocationStatusPolicyLocation
054857320.951/YON 054857MainOn ShelfGeneral 
2
ID:   168772


Pain or Gain? Chinese Experience of Capital Account Liberalization / Peng, Hongfeng   Journal Article
Peng, Hongfeng Journal Article
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Summary/Abstract The neoclassical growth model predicts that capital account liberalization could potentially enhance economic performance; however, there is no consistent empirical evidence to support this positive association. Using a novel dataset of Chinese capital account openness, this paper demonstrates a positive relationship between capital account liberalization and aggregate economic performance. The difference‐indifferences method is used to capture the causal effect of capital account liberalization on economic performance by taking advantage of variations in both external financial dependence and the progress of capital account openness. We investigate three channels that could strengthen this positive relationship using a firm‐level dataset. We find that capital account liberalization could: (i) alleviate the degree of resource misallocation, and this effect is more significant in industries relying heavily on external finance and in regions with more favorable business environments; (ii) enhance firms’ total factor productivity; and (iii) promote innovation. Our findings suggest that a strategy of gradual openness will leave some leeway not only for improvement in domestic markets but also to mitigate exposure to unfavorable global shocks.
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