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2016 | 7 | nr 4 | 565--591
Tytuł artykułu

Adaptations within the Financial Market in China after Global Financial Crisis

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The purpose of this paper is to present the evolutionary changes occurring in the financial market of China, which were catalysed by the turmoil in the global financial market. These changes were the outcome of anti-crisis measures in macroeconomics policy undertaken at the beginning of the crisis; they were also a response to the quantitative easing policy in the USA and in the Euro Zone (i.e. an increased money supply also reaching the financial market in China). With the currently binding system of currency exchange (managed floating exchange rate), China's policy towards capital movement, on the one hand, is an attempt to maximize the benefits of the inflow of foreign capital , whilst, on the other - to minimize the risk related to the sudden changes in the direction of the flow of capital. The consequence of such an approach is the strategy of gradual liberalisation of capital account, accompanied by the significant involvement of the state in the financial market. Some specific solutions applied to this matter, that are discussed in the paper, point to the specifics of such a strategy. The liberalisation of the national capital market was preceded by the liberalisation of the offshore market (in Hong Kong). Such a strategy allows China to take up measures directed at the internationalisation of their own currency without any significant opening of the capital account. This paper concentrates on a descriptive analysis of the above phenomenon. (original abstract)
Rocznik
Tom
7
Numer
Strony
565--591
Opis fizyczny
Twórcy
  • Cracow University of Economics, Poland
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171449148

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