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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2017.1
- 수록면
- 448 - 461 (14page)
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China has received massive foreign capital inflows after experiencing capital flight earlier in the last decade. The present paper offers estimates of capital inflows into China through the misinvoicing of trade after having outlined a model describing how trade prices could be manipulated by firms. In fact, the widely perceived undervalued Yuan has fueled expectations of a future revaluation of the Chinese currency. In a panel gravity modeling framework, we show that, China’s export and import prices for some commodities are sensitive to the non-deliverable forward exchange rate for the RMB in Hong Kong. In light of the evolution of this rate, which has rather systemically reflected anticipated revaluation of the Chinese currency, it is contended that the persistent Chinese trade imbalances may actually camouflage hidden ‘hot money’ inflows. Our findings provide evidence for export over-invoicing and import under-invoicing.
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참고문헌 (19)
참고문헌 신청
Bai, J. / 2004 / A panic attack on unit roots and cointegration / Econometrica 72:1127~1177
Brown, B. / 1992 / The new Palgrave dictionary of money and finance (Vol. 1) / Stockton Press :294~296
Cheung, Y.W. / 2010 / Capital flight: China’s experience
Dev, K. / 2012 / Illicit financial flows from China and the role of trade misinvoicing
Fung, H. -G. / 2004 / Nondeliverable forward market for Chinese RMB: A first look / China Economic Review 15(3):348~352
Brown, B. / 1992 / The new Palgrave dictionary of money and finance (Vol. 1) / Stockton Press :294~296
Cheung, Y.W. / 2010 / Capital flight: China’s experience
Dev, K. / 2012 / Illicit financial flows from China and the role of trade misinvoicing
Fung, H. -G. / 2004 / Nondeliverable forward market for Chinese RMB: A first look / China Economic Review 15(3):348~352
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