首页|A Structural Measurement of the Valuation Effect of China's External Assets:Method and Application

A Structural Measurement of the Valuation Effect of China's External Assets:Method and Application

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Existing research on the measurement of the valuation effect mainly follows the residual method proposed by Lane and Milesi-Ferretti(2001).This cannot be used to perform structural decomposition.We propose an aggregation approach rather than the residual method to measure structurally the investment flow and valuation effect of China's external assets.The results indicate that the valuation effect of China's external assets has been highly volatile and it was negative during the pandemic period.The structural decomposition shows that portfolio investment and direct investment made the main contributions to the valuation effect.The impact of exchange rates on the valuation effect has generally been higher than that of asset price in terms of direct investment and total external assets but the opposite has been true for portfolio investment.China's outward investments are currently more inclined to Asian countries and a few European countries but inflows to China still mainly come from developed countries.

external assetinvestment directionstructural measurementvaluation effect

Guowei Cai、Xiaowei Chen、Xun Wang

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Lingnan College,Sun Yat-sen University,China

China Center for Economic Research,National School of Development,Peking University,China

国家自然科学基金National Social Science Major ProjectMinistry of Education Humanities and Social Sciences Planning Foundation Project of China

7207314722&ZD05819YJA790001

2024

中国与世界经济(英文版)
中国社会科学院 世界经济与政治研究所

中国与世界经济(英文版)

ISSN:1671-2234
年,卷(期):2024.32(2)
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