进一步推进人民币资本项目可兑换问题的研究

发布时间：2018-01-01 05:16

本文关键词：进一步推进人民币资本项目可兑换问题的研究　出处：《中共中央党校》2014年硕士论文　论文类型：学位论文

【摘要】：在世界经济逐步一体化、金融全球化程度逐渐加深的背景下，全球资本流动已成为经济学界最为关注的问题之一。由美国次贷危机引发的全球金融危机对区域及全球经济造成的冲击尚未得到完全有效的控制，新兴市场国家也都面临着流动性过剩问题的挑战。面对当前特殊的国际经济环境，我国在推进资本项目进一步开放时须更加谨慎，在享受国际资本流动带来的各种收益的同时，须把资本流动对我国经济金融稳定可能产生的冲击降到最低。本文以最新的国际经济金融形势为研究背景，整体上遵循“介绍理论内涵——分析我国现状——参考国际经验——提出政策建议”的研究思路，以国际金融学、国际经济学理论为指导，通过借鉴日本、韩国两国的资本项目可兑换的经验与教训，同时结合我国的具体国情和客观经济条件，探索一条在保证本国经济金融安全与稳定的前提下促进自身经济金融发展的资本项目可兑换之路。本文首先简要介绍了资本项目可兑换相关的理论概念，，包括资本项目可兑换的内涵、前提条件、路径等。随后对我国资本项目可兑换的现状进行逐项分析，简要回顾了推动资本项目开放的主要政策措施，并重点分析了当前我国资本项目中直接投资、证券投资及其它投资的现状和特点，明确指出我国现阶段的资本项目可兑换虽取得一定成效，但仍存在着诸多问题，如低收益资产和高风险负债的畸形结构、资本外逃和热钱流入并存的现象，及监管方法落后、法制不健全。接着，对东亚地区典型国家日本及主要新兴市场经济体韩国的资本项目可兑换历程进行回顾分析，总结出了可供参考的国际经验教训，为我国资本项目可兑换进程中的路径选择、次序安排及配套措施的建设提供有益借鉴。在此基础上，通过详述可兑换存在的风险和现有条件，分析可兑换政策与有关配套政策的协调，结合当前国内外经济环境与我国改革开放的相关经验，提出政策建议，认为我国在进一步实行资本项目可兑换进程中应根据不同子项、不同部门的具体情况有序推进，更多的依靠利率、汇率等价格工具来间接调控，并深化金融改革、提高金融监管水平、构建多元化的金融体系。
[Abstract]:In the context of the gradual integration of the world economy and the deepening of the degree of financial globalization. Global capital flow has become one of the most concerned issues in economic circles. The impact of the global financial crisis caused by the subprime mortgage crisis on the regional and global economy has not been completely effectively controlled. Emerging market countries are also facing the challenge of excess liquidity. In the face of the special international economic environment, China should be more cautious in promoting the further opening of capital account. While enjoying all kinds of benefits brought by international capital flow, the impact of capital flow on China's economic and financial stability should be reduced to the minimum. Taking the latest international economic and financial situation as the research background, this paper follows the research idea of "introducing the theoretical intension-analyzing the present situation of our country-referring to the international experience-putting forward the policy suggestion" as a whole. Guided by the theory of international finance and international economics, this paper draws lessons from the experience and lessons of capital account convertibility in Japan and Korea, and combines the specific national conditions and objective economic conditions of our country at the same time. To explore a capital account convertibility road to promote the development of our own economy and finance on the premise of ensuring the security and stability of our country's economy and finance. Firstly, this paper briefly introduces the related theoretical concepts of capital account convertibility, including the connotation, prerequisite and path of capital account convertibility, and then analyzes the current situation of capital account convertibility in China one by one. This paper briefly reviews the main policies and measures to promote the opening of capital account, and emphatically analyzes the current situation and characteristics of direct investment, securities investment and other investment in capital account in China. It is pointed out that although the convertibility of capital account in China has made some achievements at the present stage, there are still many problems, such as the abnormal structure of low income assets and high risk liabilities, the coexistence of capital flight and hot money inflow. Then, the capital account convertibility process of Japan, a typical country in East Asia, and Korea, a major emerging market economy, is reviewed and analyzed. This paper summarizes the international experience and lessons for reference, and provides a useful reference for the construction of the path selection, order arrangement and supporting measures in the process of capital account convertibility in China. Through detailed description of the risks and existing conditions of convertibility, this paper analyzes the coordination of convertibility policy and related supporting policies, combines the current domestic and foreign economic environment and the relevant experience of China's reform and opening up, and puts forward policy recommendations. In the further implementation of the capital account convertibility process, China should according to different sub-items, the specific conditions of different sectors orderly, more rely on interest rates, exchange rates and other price tools to indirectly control. And deepen financial reform, improve the level of financial supervision, and build a diversified financial system.
【学位授予单位】：中共中央党校
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6

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