Capital Account Liberalization in China: Learning Lessons

Global Economic Governance Initiative, Boston University
Initiative for Policy Dialogue, Columbia University
Institute for World Economics and Politics, Chinese Academy of Social Sciences
Thursday, February 13, 2013
The Castle at Boston University
225 Bay State Road, Boston, MA 02215

On February 13, 2014, GEGI will hold a workshop titled “Capital Account Liberalization in China: Learning Lessons”.  China has announced that it will liberalize its capital account within five years.  Recent work from the International Monetary Fund and by independent scholars has shown that capital account liberalization is not associated with economic growth and may trigger banking crisis if a nation has not met a set of institutional thresholds.  This workshop will bring together former policy makers and academics to discuss the intricacies of capital account liberalization in China, and to present China with ‘lessons learned’ from areas of the world that liberalized capital accounts over the past two decades.  The goal of the workshop is to help policy makers and academics in China and beyond think about the proper thresholds and sequencing of China’s reforms in order to avoid financial fragility and to maintain diversified growth.  The workshop will yield a Pardee Task Force Report, and publication in US and Chinese academic journals.

Workshop Schedule and Agenda

Jan Kregel – Panel: Managing Capital Flows in China
José Antonio Ocampo and Bilge Erten – Latin America’s Lessons from Capital Account Liberalization
Sunanda Sen – Big Bang Reforms in China’s Financial Sector
Ming Zhang – Whether China Should Accelerate Capital Account Liberalization Now?
Kenji Aramaki – Capital Account Liberalization: Japan’s Experience and its Implications to China
Vivek Arora and Franziska Ohnsorge – Capital Account Liberalization in China: Some Considerations