我国国际资本流入期限结构错配:现状、影响与对策

2003年以来,在人民币升值预期和国内资产价格高涨的刺激下,大量短期资本通过各种途径进入我国,直接的结果就是我国国际资本流入的长短期期限结构发生了逆转。本文对我国短期资本流入的最优规模进行了分析,结果表明:国际资本流入过度"短期化"趋势的潜在风险不容忽视;在化解人民币升值压力和抑制资产价格泡沫化的同时,我国应加强对短期资本流入的真实性审核、实施差异化的国际融资政策.在必要的时候采取"托宾税"等短期资本流入管制措施。

Term Mismatch of China' s Foreign Capital Inflow: Current Situation, Influence and Countermeasures

Driven by high expectation of RMB appreciation and soaring price of domestic assets,huge amount of short- term capital poured into China since 2003.Consequently the term structure of foreign capital inflow witnessed a reverse trend. This paper estimates the optimal scale of short-terra capital inflow of China.The threat imposed by excessive short-term trend of foreign capital inflow can not be neglected.While mitigating the pressure for RMB appreciation and controlling asset bubbles,we should intensify verity examination of short-term foreign capital inflow,implement differentiated financing policies and apply control measures on short-term capital inflow including Tobin-Tax when necessary.