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https://ptsldigital.ukm.my/jspui/handle/123456789/457274| Title: | Short-term international capital flows empirical evidence from China |
| Authors: | Tan Jun Jun (P55489) |
| Supervisor: | Mansor Jusoh , Prof. Dr. |
| Keywords: | Capital movements China |
| Issue Date: | 23-May-2013 |
| Description: | After thirty years of Chinese economic reform or literally reform and opening-up policy, China's foreign trade and business has increased tremendously. Meanwhile, short-term speculative capital is also flowing rapidly into China's financial markets. As a developing country, China also has urgent demands for foreign capital to speedup its economic growth, but excessive idle capital pour into an emerging market is unfavourable to the economic stability and development. This study aims to investigate a dynamic relationship between short-term international capital flows and China's macroeconomic variables from 1999 to 2011. Employing Bound test, Autoregressive Distributed Lag (ARDL) model and Granger causality tests, the results of this study show that interest rate differential and real estate price are the main driving forces to short-term international capital movements in the long run. The Granger causality test indicates that interest rate differential and exchange rate granger cause the short-term international capital flows of China in the short run; while bidirectional causal relationships are found among short-term international capital flows and selected variables namely interest rate differential, effective exchange rate, stock price and real estate price in the long run. The result of Vector Error Correction Model (VECM) also reveals that China's stock market is significantly affected by short-term international capital flows.,Master / Sarjana |
| Pages: | 118 |
| Call Number: | HG3891.T346 2013 |
| Publisher: | UKM, Bangi |
| Appears in Collections: | Faculty of Economy and Management / Fakulti Ekonomi dan Pengurusan |
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|---|---|---|---|---|
| ukmvital_85037+SOURCE1+SOURCE1.0.PDF Restricted Access | 984.54 kB | Adobe PDF |  View/Open |
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