00000nam 2200000za 4500 9.863220 CaOODSP 20221107161225 cr ||||||||||| 181015s2018 oncd ob f000 0 eng d CaOODSP eng eng fre n-cn--- FB3-6/2018-11E-PDF Cunningham, Rose. The size and destination of China's portfolio outflows [electronic resource] / by Rose Cunningham, Eden Hatzvi and Kun Mo. [Ottawa] : Bank of Canada, 2018. iv, 32 p. : charts (mostly col.) Bank of Canada staff discussion paper, 1914-0568 ; 2018-11 "October 2018." Includes bibliographical references (p. 20-21). "The size of China's financial system raises the possibility that the liberalization of its capital account could have a large effect on the global financial system. This paper provides a counterfactual scenario analysis that estimates what size and direction of China's overseas portfolio investments would have been in 2015 if China had had no restrictions on these outflows. In such a scenario, China's holdings of overseas portfolio assets would have been between US$1.5 trillion and US$3.2 trillion (13 to 29 per cent of Chinese GDP), or 5 to 12 times its actual holdings of US$281 billion. Our model estimates that these additional holdings would have been predominantly directed to the world's deepest financial markets, especially the United States, while emerging-market economies would have received little additional portfolio investment. These results suggest that the liberalization of Chinese portfolio outflows may not prove disruptive to the global financial system, although it could have important implications for China."--Abstract, p. iv. Includes abstract in French. Monetary policy Foreign payments Hatzvi, Eden. Mo, Kun. Bank of Canada. Staff discussion paper (Bank of Canada) 1914-0568 ; 2018-11. (CaOODSP)9.806273 PDF 738 KB https://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-6-2018-11-eng.pdf