摘要
金融市场的冲击吸收能力是资本项目开放的一个先决条件,欠发达情形下开放资本项目易导致金融资产价格异常波动,增加危机的可能性。金融市场不成熟决定了我国不具备资本项目开放的条件,而只具备进一步开放的条件,加快推进开放的条件尚不成熟,当前应大力发展货币市场、外汇市场并完善国债收益率曲线,为实现开放创造条件。
Shock absorbing capacity of financial market is a critical precondition for capital account opening. Opening capital account when financial market is less-developed will lead to abnormal volatility of financial assets price, thus it will increase the possibilities of financial crisis. China is not ready to open capital account fully for its immatured financial market, but it is qualified to liberate further. It is not the fight time to accelerate capital account liberalization. Currently, we should put more efforts in developing money market, foreign exchange market and perfecting treasury yield curve. In this way, we can create conditions for further capital account liberalization.
出处
《经济学家》
CSSCI
北大核心
2017年第1期88-96,共9页
Economist
基金
国家自然科学基金项目“基于金融稳定视角的逆周期银行监管机制设计”(71473103)
广东省普通高校特色创新类项目“人民币资本项目开放与人民币国际化协同推进路径研究”、“人民币资本项目开放的政策支持研究”(Z9996005)
广东省“十三五”社会科学规划课题“强势美元周期下新兴经济体国际资本流动突停风险与我国的应对研究”(GD16CYJ07)
关键词
资本项目开放
前提条件
金融市场
Capital account liberalization
Precondition
Financial market.
