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Regulation of Short-term Cross-border Capital Flow

Author: WuSong
Tutor: YangHai
School: Central China Normal University
Course: World economy
Keywords: Short-term cross-border capital flow Offshore financial markets Suggestions
CLC: F832.6
Type: Master's thesis
Year: 2011
Downloads: 191
Quote: 0
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Abstract

Traditional research consider that the establishment of offshore financial markets(or offshore financial centre, OFC) will promote short-term cross-border capital flows more frequently, which is a main cause of host country’s financial fluctuation, so many countries, especially the developing countries, always keep a cautious attitude toward the establishing of offshore financial market. But based on investigations and analyzes in the theory of short-term cross-border capital flows, offshore financial market related characteristics, offshore financial market economic impact to host country and so on, this paper conclude that:in certain conditions, offshore financial market can influence short-term cross-border capital (or international hot money) from several aspects, with proper means of control in scale and flow direction, offshore finance market can create supervision and shunt effect for short-term cross-border capital flows, and can slow down the economic impact caused by international hot money flows to host country, play a positive role in keeping stable financial development in host country.The first chapter in this paper is introduction, mainly discussed the research significance and background, consider that under current situation, maintaining financial stability, monitoring the international capital flow is a very important work. Then briefly introduced the current status in researching the theory of short-term cross border capital flow and the theory of offshore financial market. The second chapter analyzed the theory of short-term cross-border capital flows, focusing on the channels for international capital flows, especially the abnormal channels, and points out that present countries monetary authorities cannot take effective measures to monitor inflows, make capital flows without monitoring become an objective reality which was forced to accept by the countries over the world. The third chapter discussed the business basis of the influence of offshore financial market influence to short-term cross-border capital flows, and emphatically introduced the types of services of offshore financial markets, and the effects of economic activity in the country,and the development trend of the business in offshore financial market, provides theoretical foil for proving the question why offshore financial market can effect the international capital flow. The fourth chapter took the second and third chapter as a foundation, combine the features of offshore financial market and the pattern of short-term cross-border capital flow, described the function how offshore financial market business monitoring international capital flows, which include:expanding the scope of the original financial regulation, make the international hot money which had to use the abnormal channel into the transferring the capital through offshore financial market channel, which is under regulation; Direct funds to different flow of decentralized direction, weakening inflows into the impact of the country, and guide domestic excess foreign reserves moving outside to disperse investment for higher profits; Strengthen regional financial cooperation, to establish unified international financial regulatory system, and formed hedge fund pool, which integrated by the area of all countries participate in, for preventing the impact of international hot money. The fifth chapter reviewed the development of offshore financial markets in China, and sums up some experience and lessons, consider that in today’s international financial development circumstances, china should stick to develop offshore financial, and puts forward some suggestions according to the defects exposures in the former development process. Chapter 7 for the conclusion, expounds this paper views and other problems.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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