Multiple arbitrages, Monetary Policy Impact and China International Short Term Capital Flows ——Based on VECM Analisis
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Abstract On the basis of theoretical analysis, this paper studies the main influence factors about the international short-term capital flows, including broad measure of money supply, price index,the RMB exchange rate ,asset prices by testing the influences with vector error correction model (VECM). The results show that the main reason of the China’s international short-term capital flows is monetary policy shock, asset prices and the RMB appreciation. The money supply and international short-term capital flows have two-way mechanism, but asset prices and the RMB appreciation to international short-term capital flows have single action mechanism.
YANG Zhen-Yu,FANG Wei-Hao. Multiple arbitrages, Monetary Policy Impact and China International Short Term Capital Flows ——Based on VECM Analisis. Economic Survey, 2013, 1(1): 0138.
2013, Vol. 1 
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