IMF-超越二元：资本流动管理的政策强度度量（英）-2026.pdfVIP

BeyondBinary:APolicy-

IntensityMeasureof

CapitalFlowManagement

WenjieLi

WP/26/21

IMFWorkingPapersdescriberesearchin

progressbytheauthor(s)andarepublishedto

elicitcommentsandtoencouragedebate.

TheviewsexpressedinIMFWorkingPapersare

thoseoftheauthor(s)anddonotnecessarily

representtheviewsoftheIMF,itsExecutiveBoard,

orIMFmanagement.

2026

FEB

©2026InternationalMonetaryFundWP/26/21

IMFWorkingPaper

StrategyPolicyandReviewDepartment

BeyondBinary:APolicy-IntensityMeasureofCapitalFlowManagement

PreparedbyWenjieLi

AuthorizedfordistributionbyMicheleRuta

February2026

IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicit

commentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseofthe

author(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.

ABSTRACT:ThispaperintroducestheFinOpenindex,anovelmeasureofcapitalflowmanagementfor193

countriesfrom1996to2022.UsinginformationfromtheIMF’sAnnualReportonExchangeArrangementsand

ExchangeRestrictions(AREAER),theindexisconstructedbyestimatingthelevelofopennessannuallyand

updatingitdailybyincorporatingchangesincapitalflowmanagementmeasures(CFMs).Therefore,thisindex

goesbeyondthetraditionalindexesthatrelyonbinarylabelsthatonlydistinguishbetweenfullcapital

opennessandanycontrol.Withintherangeof[0,1],theFinOpenindexquantifiesgranularpolicyintensityand

allowscomparisonsacrosscountries(withhighervaluesindicategreatercapitalopenness)