摘要
短期国际资本流动是影响宏观经济稳定的重要因素。在市场经济薄弱、金融体系不完善的条件下,金融抑制可防止资本外流,减少由于外部经济环境变化造成的短期资本流动对国内实体经济的冲击,保证宏观经济稳定。随着市场经济的发展完善,金融抑制导致经济中的要素价格仍存扭曲,会造成产业结构失衡、外部经常账户顺差以及收入分配失衡的结构性风险。为实现经济的平稳可持续发展,应积极稳妥推进金融自由化改革,逐步放开管制,理顺要素价格,降低经济运行的结构性风险,同时适时采取临时性的控制短期资本流动的措施,化解外部短期资本流动对宏观经济的冲击。
Short-term international capital flow is an important factor affecting a country ’ s macroeconomic stability.With the market economy remaining fragile and financial system immature,repressive financial policies can prevent capital outflow,reduce the impact of short-term capital flows caused by changing external environment on the domestic economy,and ensure macroeconomic stability.As the market economy develops,financial repression can result in factor price distortion,which in turn can give rise to unbalanced industrial structure,current account surplus and income distribution imbalance.Therefore,financial liberalization should be promoted in a prudent manner to achieve stable and sustainable economic development.On the one hand,restriction on factor prices should be gradually reduced to reduce structural economic risks.On the other hand,temporary measures on short-term capital flow control should be taken to reduce the impact of such capital flow on macroeconomic stability.
出处
《国际经济评论》
CSSCI
北大核心
2013年第4期72-85,5-6,共14页
International Economic Review
基金
瑞典商业银行(Handelsbanken)基金会提供的研究资助
