sequencing of capital account liberalization japan's ：资本账户日及#测序的39；.ppt

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1、CapitalAccountLiberalization-Japan’sExperienceanditsImplicationstoChina-September13,2014KenjiAramakiTokyoUniversity1Outline1.Japan’sExperience(1)Post‐warLegalFramework(2)OverallProcess-ThreestagedLiberalization(3)MainFeaturesofLiberalizationofCapitalAccount(4)Regul

2、atoryResponsetoUnstableCapitalFlowinthe1960sand1970s2.ImplicationstoChina(1)CharacteristicsofChina’sCapitalAccountLiberalization(2)ImplicationsfromJapan’sExperience21.Japan’sExperience(1)Post‐warLegalFrameworkTheForeignExchangeLaw(1949)(andtheForeignCapitalLaw(195

3、0))whollycontrolledbothtradeandforeignexchangeafterthewarFortrade,importswereplacedundertheapprovalsystem3Fourmajorfeaturesofforeignexchangeregulationsunderthepost‐warlegalframework①Generalprohibition・Aprincipleof“generalprohibitionwithliberalizationforexceptions”a

4、dopted②Foreignexchangeconcentrationsystem・Allforeignexchangecentrallycontrolledbythegovernment4③Foreignexchangebudgetsystem・Theamountsanditemstobeimportedwereregulatedbythisbudget④Authorizedforeignexchangebanksystem・Theauthorizedforeignexchangebankswereusedasamanag

5、ementmechanismofforeignexchangeandcapitalaccounttransactions5(2)Overallliberalizationprocess-ThreestagedliberalizationCapitalaccountliberalizationsubstantivelystartedintheearly1960sandcompletedinthelate1990s,i.e.,nearly40yearslaterThewholeprocessmaybedividedintothr

6、eestages:1ststage:Liberalizationoftradeandcurrentaccounttransactions(～mid‐1960s)2ndstage:Gradualeasingandamajorshifttoasystemofgeneralliberalization(latterhalfof1960s～end1970s)3rdstage:Completionofliberalization(1980s～latterhalfof1990s)6The1ststage:Liberalizationof

7、tradeandcurrentaccounttransactions(～mid‐1960s)In1960,“theBasicPlanforLiberalizationofTradeandForeignExchange”adoptedbythegovernmentItcalledforanincreaseinimportliberalization,andthegeneralliberalizationofcurrentaccounttransactionswithintwoyearsInApril1964,Japanacce

8、ptedIMFArticleⅧobligations,abolishedtheforeignexchangebudgetsystem,andgenerallyliberalizedcurrentaccounttransactions7The2ndstage:Gradualeasingand