2012•Journal of North China Electric Power UniversityRequires access

Research on the Risks of China's Capital Market under the Capital Account Liberalization

Zhu Tai-hui

Abstract

Existing researches on capital account liberalization in China only focus on the benefits to the liberalization and internationalization of China' finance,while ignoring its impacts on the stability of China's capital market.In fact the latter is always more important.The liberalization can be divided into two cases.One refers to the initial internationalization of RMB,RMB exchange rate floating and half liberalization of capital account,and the other refers to fully internationalization of RMB,RMB exchange rate marketization and full liberalization of capital account.The result shows that the change of the factors such as the domestic monetary policy in both cases may amplify the volatility of China's capital market.

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Key concepts: Renminbi, Capital account, Liberalization, Marketization, Internationalization, International economics, Economics, Capital (architecture)