In this paper we present evidence as to the effects of the China (Shanghai) Pilot Free Trade Zone (SPFTZ) on China … and capital account liberalization into China's macro policy mix. We employ three methods to test the SPFTZ's impact on … causalities among China's money supply and the foreign interest rates. All these tests give consistent results suggesting that the …

panel data settings. The "synthetic control" is a weighted average of control units that balances the treated unit's pre … donor units. We bound the estimation error of this approach under different data generating processes, including a linear …

Panel or grouped data are often used to allow for unobserved individual heterogeneity in econometric models via fixed … effects. In this paper, we discuss identification of a panel data model in which the unobserved heterogeneity both enters … additively and interacts with treatment variables. We present identification and estimation methods for parameters of interest in …

The China (Shanghai) Pilot Free Trade Zone (SPFTZ) founded one year ago is a trial for China's new round of reform and … also make a preliminary assessment of the SPFTZ's initial impacts, especially of its impact on China's capital account … replicated in China will give rise to a more balanced Chinese economy in the following decade …

unfettered cross-border capital flows are largely outside the monetary authority's control. Using historical panel-data since …