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This paper provides a synthetic view of the capital account liberalization, capital control and currency convertibility issues
in China. A quantitative analysis following Henry’s study1 fails to provide clear links between liberalization, diminishing capital controls and Chinese stock market returns. An institutional
explanation is then offered to complement the quantitative analysis. We suggest that the property rights regime is an indispensable
institutional variable when studying this topic. Originating from the current property rights regime; price distortion, moral
hazard and monetary overhang are the main impediments towards capital account liberalization and full convertibility. Therefore,
property rights reform should be given the first priority in Chinese economic reform.
He is the author ofProperty Rights, Renminbi Full Convertibility and Economic Development [Chanquan Zhidu, Renminbi Ziyou Duihuan yu Jingji Fazhan] (Wuhan, China: Wuhan University Press, 2003). This research is
supported by National Natural Science Foundation of China (Project No. 70273030). The authors thank Dr. Sujian Guo, Mr. Robin
Child and two anonymous referees for their helpful comments and Miss Cate Bain and Mrs. Patricia Merton for their proofreading.
The authors are responsible for any remaining errors. 相似文献