摘要
本文从权衡(Trade-Offs)的视角出发,对国内外学者关于资本流动与资本账户管制相关文献进行了系统梳理。研究发现,资本流动和资本账户管制与其他要素是一个权衡至总体动态均衡的关系,注重短期与长期、政府与企业、国际与国内、常态与危机、各类资产与各类货币等的权衡非常必要。与发达经济体相比,新兴经济体金融脆弱性问题更为突出,金融市场深度不够,权衡的程度更高、难度更大。提升市场深度有利于降低权衡的难度,实现更好的总体动态均衡。本文提出了统筹金融发展改革与监管,着力提升金融市场深度,着力提升实际管制能力等建议。
In recent years,the global financial market has become increasingly volatile due to repeated COVID-19 outbreaks,monetary policy adjustments and geopolitical conflicts in major economies.Emerging economies are confronted with significant challenges such as the large scale and heightened volatility of international capital flows and the variable flow directions.Compared to advanced economies,emerging economies are more vulnerable to external shocks due to their weaker anchoring of inflation expectations,heightened financial fragility and shallower market depth.The importance of capital flows and capital account controls exhibits an asymmetry between emerging economies and advanced economies.It is of great theoretical and practical significance to systematically review the relevant literature on capital flows and capital account control at home and abroad,especially the latest research trends,for reducing the risks brought by international capital flows,adhering to the general principles of seeking progress while maintaining stability,and coordinating development and security.Through a review of relevant literature,it is found that capital flow,capital account control and other factors generally involve trade-offs within the overall dynamic equilibrium framework,and it is necessary to pay attention to the trade-off across all dimensions such as short-term versus long-term,government versus enterprises,international versus domestic,normal versus crisis,various assets versus various currencies,etc.Compared to developed economies,emerging economies face pronounced financial vulnerabilities,limited financial market depth,and more complex and challenging trade-offs.Deeper financial markets are more effective in mitigating the pressure of price fluctuations.It also put forward suggestions on coordinating financial development,reform and regulation,with an emphasis on enhancing the depth of the financial market and actual level of regulatory capacity.It underscores the importance of focusing on domestic priorities and opti
作者
丁剑平
管珺
Ding Jianping;Guan Jun(Shanghai Institute of International Finance and Economics,Shanghai University of Finance and Economics;School of Finance,Shanghai University of Finance and Economics)
出处
《国际金融研究》
北大核心
2023年第10期62-73,共12页
Studies of International Finance
基金
国家社会科学基金重大项目“稳慎推进人民币国际化研究”(21ZDA094)
上海财经大学研究生创新基金项目(CXJJ-2023-320)资助。
关键词
资本流动
资本账户管制
权衡
Capital Flow
Capital Account Controls
Trade-Offs
