资本账户开放和金融自由化的法律思考——来自金融危机的启示和东亚的经验

本文以东亚国家(包括中国)的金融自由化的经验,阐述金融自由化的法律和产业政策之间微妙而复杂的关系。在东亚发展中国家建立起有效的国内监管体系和基本金融制度以前,不应该完全开放资本账户。但是,经过辨析金融服务自由化和资本账户自由化的关系,本文指出,根据《服务贸易总协定》所列出的服务范式,金融服务贸易并不必然涉及大规模的国际资本流动,因此对金融服务业开放应持积极态度。虽然如此,新加坡的例子说明,“知所进退”地处理好民族金融产业保护问题对政府是个虽难但依然可以处理好的挑战。

The Myths and Realities of Financial Liberalization: Lessons from Financial Crises and East Asia's Experience

This paper studies the experience of East Asian countries in conducting financial liberalization,focusing on China.It points out that the two components of financial liberalization,namely capital account liberalization and financial services liberalization,should not be confused,so are their respective consequences on a country's economic growth and financial stability.While it is advisable that countries delay capital account liberalization before they put into place effective regulatory framework and financial infrastructure,they should also liberalize financial services markets in order to foster competition.Based on the example of Singapore,the paper suggests that,although it is legitimate that a government may help "built up" the comparative advantages of domestic financial sectors,it should be wise enough to know when to stop the protection.