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Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2019.1655657

Time-varying character for short-term capital flow from the interest rate aspect in China

Kai-Hua Wang ; Department of Finance, School of Economics, Qingdao University, Qingdao, China
Chi-Wei Su ; Department of Finance, School of Economics, Qingdao University, Qingdao, China
Ran Tao ; Department of Non-communicable Chronic Disease, Qingdao Municipal Centre for Disease Control & Prevention, Qingdao, China

Puni tekst: engleski, pdf (2 MB) str. 2761-2779 preuzimanja: 41* citiraj
APA 6th Edition
Wang, K., Su, C. i Tao, R. (2019). Time-varying character for short-term capital flow from the interest rate aspect in China. Economic research - Ekonomska istraživanja, 32 (1), 2761-2779. https://doi.org/10.1080/1331677X.2019.1655657
MLA 8th Edition
Wang, Kai-Hua, et al. "Time-varying character for short-term capital flow from the interest rate aspect in China." Economic research - Ekonomska istraživanja, vol. 32, br. 1, 2019, str. 2761-2779. https://doi.org/10.1080/1331677X.2019.1655657. Citirano 29.03.2020.
Chicago 17th Edition
Wang, Kai-Hua, Chi-Wei Su i Ran Tao. "Time-varying character for short-term capital flow from the interest rate aspect in China." Economic research - Ekonomska istraživanja 32, br. 1 (2019): 2761-2779. https://doi.org/10.1080/1331677X.2019.1655657
Harvard
Wang, K., Su, C., i Tao, R. (2019). 'Time-varying character for short-term capital flow from the interest rate aspect in China', Economic research - Ekonomska istraživanja, 32(1), str. 2761-2779. https://doi.org/10.1080/1331677X.2019.1655657
Vancouver
Wang K, Su C, Tao R. Time-varying character for short-term capital flow from the interest rate aspect in China. Economic research - Ekonomska istraživanja [Internet]. 2019 [pristupljeno 29.03.2020.];32(1):2761-2779. https://doi.org/10.1080/1331677X.2019.1655657
IEEE
K. Wang, C. Su i R. Tao, "Time-varying character for short-term capital flow from the interest rate aspect in China", Economic research - Ekonomska istraživanja, vol.32, br. 1, str. 2761-2779, 2019. [Online]. https://doi.org/10.1080/1331677X.2019.1655657

Sažetak
This study investigates the causal link between short-term capital flow and interest rate differential with the bootstrap Granger full- sample causality and sub-sample rolling-window methods. The empirical results indicate that there is a unidirectional link from interest rate differential to short-term capital flow. However, when considering structural breaks in the above series, the full-sample causality test cannot be relied on. Hence, the time-varying rolling- window method is employed to examine the dynamic causal nexus. Being influenced by the U.S. monetary, world economic situation, Chinese intervention policies and other factors, interest rate differential has influences on short-term capital flow in some periods, but the reverse effect does not exist. Therefore, it is important for authorities to focus on specific backgrounds (e.g., economic situation, monetary policies) and further utilise interest rate and capital control to alleviate negative effects from violent fluctuation of short-term capital flow on the Chinese economy.

Ključne riječi
Short-term capital flow; interest rate differential; time-varying causality

Hrčak ID: 229585

URI
https://hrcak.srce.hr/229585

Posjeta: 65 *