新兴市场国家如何应对资本流入:中国案例

新兴市场国家应该从国别、区域与全球三个层面应对资本流入造成的不利冲击。现阶段中国政府应采取的对策包括:人民币汇率升值、增强汇率形成机制弹性、冲销式干预、实施与国际接轨的宏观审慎监管、通过增加有效供给来抑制资产价格过快上涨、提高现有资本项目管制措施的有效性、审慎开放新的资本项目、积极推进东亚区域货币合作并努力争取领导权、积极支持IMF改革、FSB的职能拓展与全球金融安全网的构建。

How Should Emerging Economies Handle Capital Inflows:the China Case

The emerging economies are facing a new round of massive capital inflows in the post-crisis era.They should cope with the negative impacts from capital inflows at different levels,i.e.country level,regional level and global level.At the country level,emerging economies can adopt different strategies from the perspectives of macroeconomic economy,financial regulation,capital market and capital flow management.This article describes strategies of the emerging economies in handling capital inflows and analyzes...