我国跨境资本流动的宏观审慎管理——基于新兴经济市场国家经验借鉴的视角
发布时间：2019-05-16 18:58
【摘要】：国际资本流动存在明显顺周期性。在经济处于上升时期,大量的国际资本流入,导致流动性过剩、汇率升值和资产泡沫;在经济处于衰退时期,国际资本流入静止甚至逆转,引发流动性不足、汇率贬值和资产价格暴跌,使得经济雪上加霜。宏观审慎管理能有效地控制跨境资本顺周期流动引起的系统性金融风险。通过借鉴韩国、巴西等新兴市场国家近期宏观审慎管理跨境资本流动的经验,构建一个有效的、与国际经济环境相适应,并与我国经济发展阶段协调的跨境资本流动宏观审慎管理框架,有利于保证我国金融体系的稳定。
[Abstract]:International capital flows are obviously pro-cyclical. In the period of economic rise, a large number of international capital inflows, resulting in excess liquidity, exchange rate appreciation and asset bubbles; In a period of recession, international capital inflows are static or even reversed, leading to lack of liquidity, exchange rate depreciation and asset prices plummeting, making the economy worse. Macro-prudential management can effectively control the systemic financial risks caused by cross-border capital flows along the cycle. By drawing lessons from the recent experience of macro-prudential management of cross-border capital flows in emerging market countries such as South Korea and Brazil, we can build an effective and suitable international economic environment. The macro-prudential management framework of cross-border capital flows coordinated with China's economic development stage is conducive to ensuring the stability of China's financial system.
【作者单位】： 暨南大学经济学院;广东工业大学经贸学院;
【分类号】：F832.6
[Abstract]:International capital flows are obviously pro-cyclical. In the period of economic rise, a large number of international capital inflows, resulting in excess liquidity, exchange rate appreciation and asset bubbles; In a period of recession, international capital inflows are static or even reversed, leading to lack of liquidity, exchange rate depreciation and asset prices plummeting, making the economy worse. Macro-prudential management can effectively control the systemic financial risks caused by cross-border capital flows along the cycle. By drawing lessons from the recent experience of macro-prudential management of cross-border capital flows in emerging market countries such as South Korea and Brazil, we can build an effective and suitable international economic environment. The macro-prudential management framework of cross-border capital flows coordinated with China's economic development stage is conducive to ensuring the stability of China's financial system.
【作者单位】： 暨南大学经济学院;广东工业大学经贸学院;
【分类号】：F832.6
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