![Research on China's Short-term Cross-border Capital Flows under the Impact of US Economic Policy Uncertainty](https://founder-rc-product.oss-cn-zhangjiakou.aliyuncs.com/drawImage/202310/31/14/4256845029eb7f4e-161b-4299-9595-d8056cb16e63_m.jpg?OSSAccessKeyId=LTAI3gp3WuRqpN5T&Signature=CeG%2FFlgOdq06dl%2FLIdMFCQYImOc%3D&response-content-type=image%2Fjpeg)
Volume 7, Issue 1
Research on China's Short-term Cross-border Capital Flows under the Impact of US Economic Policy Uncertainty
- Vol. 7, Issue 1, Pages: 55-62(2023)
DOI:10.47297/wspdecWSP2515-797309.20230701
Full txt
Volume 7, Issue 1
Sichuan University
Full txt
Li Jiaxuan.Research on China's Short-term Cross-border Capital Flows under the Impact of US Economic Policy Uncertainty[J].Development Economics of China,2023,07(01):55-62.
Li Jiaxuan.Research on China's Short-term Cross-border Capital Flows under the Impact of US Economic Policy Uncertainty[J].Development Economics of China,2023,07(01):55-62. DOI: 10.47297/wspdecWSP2515-797309.20230701.
The outbreak of COVID-19 in 2020
followed by conflicts between Russia and Ukraine and the escalation of trade conflicts between China and the United States
have caused turbulence in the global economic and financial environment. All countries have introduced macroeconomic policies to deal with the crisis
and the uncertainty of economic policies has increased
affecting cross-border capital flows. In particular
the impact of economic policy uncertainty in the United States
the world's number one power and an important relationship partner
on our economy should not be overlooked. On the basis of existing studies
this paper selects the monthly economic data from January 2015 to December 2022
takes the outbreak of COVID-19 as the node
and uses VAR model to analyze the impact of US economic policy uncertainty on China's short-term capital flow in two periods before and after the epidemic.
Short-term Cross-border Capital FlowCOVID-19VAR Model
RODRIK DANI and ANDRE VELASCO. Short term Capital Flows[R]. NBER Working Paper No. 7364, 1999.
Da Z., J. Engelberg and P. Gao."The Sum of all FEARS Investor Sentiment and Asset Prices" , Review oFinancial Studies ,28 , 2014.
Jurado K., S. Ludvigson and S. Ng. "Measuong UnceOainW" ,Amewcan Economic Review ,105,1177-1216. 2015.
Gilchrist S., J. Sim and E. Zakrajsek. "Uncertainty,Financial FicOons,and Investment Dynamics" ,NBER Working Papes,No. 20038.
Osan Sula, Thomas D. Willett. The Reversibility of Different Types of Capital Flows to Emerging Markets. Emerging Market Review, 2009, 10(4):296-310.
Primiceri, Giorgio E., Time Varying Structural Vector Autoregressions and Monetary Policy. Review of Economic Studies, 2005, 72(3), PP. 821-852.
Rey, H. Dilemma not Trilemma: the global financial cycle and monetary policy independence. Proceedings of the Federal Reserve Bank at Kansas City Economic Symposium at Jackson Hole. 2005.
Shaghil A, Brahima Coulibaly, Andrei Zlate. International Financial Spillovers to Emerging Market Economies:How Important Are Economic Fundamentals? Board of Governers of the Federal Reserve System, International Finance Discussion Papers, 2015: Number 1135.
Marwah K. Globalization of International Financial Markets: Causes and Consequences by Hak-Min Kim[J]. Eastern Economic Journal, 1999(Winter):122-125.
Milesi, Ferretti, G. M. Tille, C. The Great Retrenchment: International Capital Flows During The Global Financial Crisis. Economic Policy, 2011, Vol. 26, No. 66, pp. 289-346.
Jouchi Nakajima, Munehisa Kasuya, Toshiaki Watanabe. Bayesian Analysis of Time-Varying Parameter Vector Autoregressive Model for the Japanese Economy and Monetary Policy[J]. Discussion Paper, 2009.
Kant,Chander. Foreign Direct Investment and Capital Flight. Princeton Studies in International Finance, March 1996, No.80.
Wang Yang. Determinants of short-term international capital flows in China [D]. Fudan University, 2010.
Liu Lida. Analysis of the Factors Influencing International Capital Inflow in China [J] Financial Research, 2007 (3): 62-70.
Que Jinshou. Empirical Analysis of the Scale Measurement and Influencing Factors of Short Term International Capital [D] School of Business, East China Normal University, Shanghai, 2009.
Zhao jinwei, Zhang jinsi. Is Appreciation Expectation Really Driving International Capital Inflow into China: New Evidence Based on Quadruple Arbitrage and Boundary Cointegration Models [J]. Financial Research, 2012, 06: 95-108.
Lu Yan, Fang Cao Research on the impact of quantitative easing monetary policy adjustment in the United States on China's short-term international capital flows [J] Macroeconomic Research, 2015 (2): 134-147.
Related Author
Related Institution