Trade liberalisation and trade and capital flows: Evidence from China pilot free trade zones

被引：16

作者：

Bao, Te ^{[1
]}

Dai, Yun ^{[2
]}

Feng, Yanxiang ^{[3
,5
]}

Liu, Shuai ^{[4
]}

Wang, Ruixin ^{[3
]}

机构：

[1] Nanyang Technogo Univ, Sch Social Sci, Singapore, Singapore

[2] Sun Yat Sen Univ, Lingnan Coll, Guangzhou, Peoples R China

[3] Harbin Inst Technol Shenzhen, Sch Econ & Management, Shenzhen, Peoples R China

[4] Chinese Acad Social Sci, Natl Acad Econ Strategy, Beijing, Peoples R China

[5] Boston Univ, Dept Econ, 270 Bay State Rd, Boston, MA 02215 USA

来源：

WORLD ECONOMY | 2023年 / 46卷 / 05期

基金：

中国国家自然科学基金;

关键词：

capital inflows and outflows; China pilot free trade zone; difference-in-differences method; exports and imports; trade liberalisation; ECONOMIC-GROWTH; EXPORTS; INNOVATION; FDI;

D O I：

10.1111/twec.13387

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

China established several Pilot Free Trade Zones (PFTZs) in recent years as a major step to deepen trade liberalisation. In this paper, we investigate the impact of free trade zones (FTZs) on the economy's capital flow, imports and exports, as well as the underlying mechanisms. We consider the newly established FTZs as a natural experiment and construct a difference-in-difference (DID) model with the staggered establishment dates of the FTZs. Our results show that FTZs promote local foreign direct investment (FDI) and outward foreign direct investment (OFDI), but their influence on goods exports and imports remains limited.

引用

页码：1408 / 1422

页数：15

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