【摘要】：國際資本流動存在明顯順周期性。在經(jīng)濟(jì)處于上升時(shí)期,大量的國際資本流入,導(dǎo)致流動性過剩、匯率升值和資產(chǎn)泡沫;在經(jīng)濟(jì)處于衰退時(shí)期,國際資本流入靜止甚至逆轉(zhuǎn),引發(fā)流動性不足、匯率貶值和資產(chǎn)價(jià)格暴跌,使得經(jīng)濟(jì)雪上加霜。宏觀審慎管理能有效地控制跨境資本順周期流動引起的系統(tǒng)性金融風(fēng)險(xiǎn)。通過借鑒韓國、巴西等新興市場國家近期宏觀審慎管理跨境資本流動的經(jīng)驗(yàn),構(gòu)建一個有效的、與國際經(jīng)濟(jì)環(huán)境相適應(yīng),并與我國經(jīng)濟(jì)發(fā)展階段協(xié)調(diào)的跨境資本流動宏觀審慎管理框架,有利于保證我國金融體系的穩(wěn)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.
【作者單位】： 暨南大學(xué)經(jīng)濟(jì)學(xué)院;廣東工業(yè)大學(xué)經(jīng)貿(mào)學(xué)院;
【分類號】：F832.6

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