促进稳定和发展的资本账户管理：一种新方法  

Capital Account Regulations for Stability and Development: A New Approach

作　　者：凯文.P.加拉赫尔 斯蒂芬尼.格里菲斯-琼斯 何塞.安东尼奥.奥坎波 张劲旭 

机构地区：[1]美国波士顿大学 [2]美国哥伦比亚大学 [3]联合国

出　　处：《国际经济评论》2012年第5期75-84,共10页International Economic Review

摘　　要：随着20世纪60年代以来的全球资本市场的复兴，跨境资本流动呈现量级增长，其增长之烈使目前国际资产总和超出全球经济产出。绝大部分跨境资本流动发生于工业化国家之间，但日益增多的新兴国家加入了资本流动国际化这一进程。Capital account regulations are often be taken as means to regulate the fluctuation of exchange rates,avoid currency misalignment,limit speculative activities within an economy and provide room for independent monetary policy maneuver.There are two types of regulations,with one based on price and the other on quantity.Capital account regulations should be seen as an important component of the macroeconomic toolbox and should not be taken as the final fix when other means fail to work.In a country that is largely yet to open its economy,the capital account regulations can become part of the gradual liberalization process of its capital account strategy.The quantity-based capital account regulations may possibly be more effective than price-based regulation,especially in those countries where capital accounts remain relatively closed and the central bank is yet to have much influence.To better implement capital account regulations,a country needs to study the design and adjustment of relevant measures and regulations and fine-tune them to ensure their effectiveness.

关 键 词：资本账户管理 跨境资本流动 稳定 全球资本市场 工业化国家 60年代 20世纪 全球经济 

分 类 号：F832.6[经济管理—金融学]