The Sequence of Capital Account Liberalization: a Microcosmic Model

摘要：

This paper is to explore the sequence of the capital account liberalization by establishing a microcosmic model of non-cooperation game among the government,the domestic firm borrowing from abroad,and the foreign exchange short seller.We prove again that to ensure the financial stability and sustainability,a country should launch its reform of economy liberalization,especially the capital account liberalization with strong macroeconomic environments.Meanwhile,the proper sequence should be: the interest liberalization is in the first order,second is to reform foreign exchange rate system,and the capital account liberalization is in the end.

关键词： capital account liberalization finance stability sequence interest rate liberalization foreign exchange rate

作者: XIONG Fang HUANG Xian

作者单位: Economics and Management School,Wuhan University,P.R.China,430072;Economy school,S.Cent.Univ.Nationa Economics and Management School,Wuhan University,P.R.China,430072

会议类型: 国际会议

会议名称: 2007 International Conference on Management Science and Engineering(2007管理科学与工程国际学术会议)

会议地点: 河南焦作

会议语种:英文

页码: 2311-2316

在线出版日期: 2007-08-20（万方平台首次上网日期，不代表论文的发表时间）