两次国际资本流动潮流的差异与启示

1991～1997年和2001～2005年期间,发展中国家经历了两次国际资本流动潮流的周期性变化:第一次国际资本流动浪潮导致了亚洲金融危机的发生;第二次国际资本流动浪潮则导致了发展中国家普遍的经常项目和资本项目“双节余”。两次国际资本流动周期性潮流影响差异的原因在于灵活汇率制度和资本项目开放的普及、发展中国家普遍对外汇储备增长的偏好、当地资本市场的兴起和国际储备资产的多样化发展。两次国际资本流动潮流的差异,对我国的外资管理政策有很好的启示和借鉴意义。

The Difference and Enlightenment of Two International Capital Flows

During 1991-1997 and 2001-2005,developing countries experienced episodes of heavy influx of international capital.The first influx in Asia resulted in Asia financial crisis and the second an increase of current account and capital account.The macroeconomic consequences of the two capital flows lies in the popularization of flexible exchange rate and opening of capital account,the prejudice in most developing countries in favor of the accumulation of foreign exchange reserve,the emerging and development of local capital market and the diversification of international reserve asset.The difference between two international capital flows is a good enlightenment and reference for China's policy concerning foreign capital management.