全球资本管制的动态变化——基于GKAOPEN资本账户开放指标体系的分析  

Dynamics of Global Capital Controls——An Analysis Based on the GKAOPEN Index System of Capital Account Openness

作　　者：彭红枫 尹智超 肖祖沔 余静文 Peng Hongfeng;Yin Zhichao;Xiao Zumian;Yu Jingwen(School of Finance,Shandong University of Economics and Finance;Economics and Management School,Wuhan University)

机构地区：[1]山东财经大学金融学院 [2]武汉大学经济与管理学院金融系

出　　处：《国际金融研究》2022年第11期3-18,共16页Studies of International Finance

基　　金：国家自然科学基金项目“国际金融周期、跨境资本流动及资本账户开放政策动态调整:理论、建模与实证”(72273073);教育部人文社会科学研究规划基金项目“全球价值链视角下分行业出口汇率弹性分解及影响因素分析研究”(22YJA790045);“泰山学者”工程专项经费项目(ts2017120559)资助。

摘　　要：基于IMF的《汇兑安排与汇兑限制年报》(AREAER)文本信息,本文在资本账户总体开放度基础上,进一步细分11个子项,区分资本流入与流出管制程度,构建了一个全球资本账户开放数据库——GKAOPEN数据库,实现了对188个国家和地区资本账户开放程度月度变化的测度。本文系统介绍了全球资本账户开放数据库GKAOPEN指标体系的构建方法和数据特征,对比分析了该数据库与现有四个数据库的联系和区别。相较于现有数据库,GKAOPEN数据库有四个突出特点:第一,本数据库将样本容量扩展到全球188个国家和地区,适用于国别分析、区域分析和全球性分析。第二,本数据库有效记录1999—2019年各国资本账户管制政策的变动情况,使用高频文本分析将观测频率精确到月度。第三,本数据库通过细分资本账户子项,深入挖掘细分领域的资本账户开放情况。第四,本数据库从资本流入和资本流出两个层面对资本管制的月度变化进行衡量。基于GKAOPEN数据库,本文初步探讨了世界总体、不同收入水平国家和地区以及中国在资本账户开放进程中呈现出的细节特征与动态变化。本数据库能够为相关领域的学术研究和政策制定提供可靠的数据支撑。This Paper extracts text message data based on the Annual Report on Exchange Arrangements and Exchange Restrictions(AREAER) of IMF, subdivides 11 sub-items on the basis of the total capital account openness, differentiates the degree of capital inflow and outflow management, and constructs a global capital account openness database--Global Capital Account Openness Database(GKAOPEN). The monthly changes in capital account openness of 188 countries and regions have been measured.This paper introduces the index system construction methods and data characteristics of GKAOPEN, and compares the relationship and differences between the database and the existing four major databases. GKAOPEN database has four characteristics. Firstly, this database expands the sample size to 188 countries and regions around the world, which is suitable for national, regional and global analyses. Secondly, this database records changes in capital account policies of various countries and regions from 1999 to 2019, and uses high-frequency text analysis to measure monthly data indicators. Thirdly, by subdividing the capital account sub-items, this database can dig into the capital account opening in the subdivided field. Fourthly, this database measures capital controls from two aspects: capital inflow and capital outflow.Based on GKAOPEN database, the paper preliminarily discusses the detailed characteristics and dynamic changes of the world, countries and regions with different income levels and China in the process of capital account opening. This database can provide reliable data support for academic research and policy making in related fields.

关 键 词：资本账户开放程度指标 资本流入与流出自由化 资本账户子项管制 

分 类 号：F831[经济管理—金融学] F832