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Liu, L.Y. (2008) Did Hot Money Promote the Stock Market and Real Estate Market? Journal of Financial Research, 10, 48-70. (in Chinese)

has been cited by the following article:

• TITLE: Capital Control, Financial Depth and the Demand of Foreign Reserves: Evidence on 1994-2013 Data in China

  AUTHORS: Dianlei Lu, Zhixin Liu

  KEYWORDS: Foreign Reserves, Capital Controls, Financial Depth

  JOURNAL NAME: Open Journal of Social Sciences, Vol.2 No.9, August 26, 2014

  ABSTRACT: We combined foreign reserves, capital control and financial depth with other economic variables in the same model and discussed the factors that affect the demand of China’s foreign reserves. The results showed that 1) a considerable number of foreign reserves are passively accumulated, for instance, stronger capital controls deeper financial system will lower the demand of foreign reserves; 2) the ratio of Hot Money/GDP is more significant than the FDI/GDP as a proxy of foreign reserves’ protective demand.