Net foreign assets is an important analytic variable of new open-economy macroeconomics. This paper estimates China’s net foreign assets between 1982 and 2004 by means of national accounts and accumulated current acc...Net foreign assets is an important analytic variable of new open-economy macroeconomics. This paper estimates China’s net foreign assets between 1982 and 2004 by means of national accounts and accumulated current account. We find that stock of China’s net foreign assets which is characteristic of high risk、 low benefit、weak liquidity、 passive accept is greater than zero. If we distinguish between passive and self-contained creditor right, we find that passive creditor right leads to appreciation of domestic currency and self-contained creditor right can dilute the pressure of appreciation of domestic currency. So the policy solving the problem of RMB appreciation should resort to increase self-contained creditor right or switch from passive creditor right to self-contained.展开更多
文摘Net foreign assets is an important analytic variable of new open-economy macroeconomics. This paper estimates China’s net foreign assets between 1982 and 2004 by means of national accounts and accumulated current account. We find that stock of China’s net foreign assets which is characteristic of high risk、 low benefit、weak liquidity、 passive accept is greater than zero. If we distinguish between passive and self-contained creditor right, we find that passive creditor right leads to appreciation of domestic currency and self-contained creditor right can dilute the pressure of appreciation of domestic currency. So the policy solving the problem of RMB appreciation should resort to increase self-contained creditor right or switch from passive creditor right to self-contained.
