资本管制的理论依据与实践选择  

Capital Control in Theory and Practice

作　　者：谭小芬 童临风 TAN Xiaofen;TONG Linfeng(School of Economics and Management,Beihang University,Beijing 100191,China;School of Finance,Central University of Finance and Economics,Beijing 102206,China)

机构地区：[1]北京航空航天大学经济管理学院,北京100191 [2]中央财经大学金融学院,北京102206

出　　处：《当代经济科学》2024年第1期30-44,共15页Modern Economic Science

基　　金：国家社会科学基金重大项目“负利率时代金融系统性风险的识别和防范研究”(20&ZD101);国家社会科学基金重点项目“稳慎推进人民币国际化的策略和路径”(21AZD066)。

摘　　要：全球金融危机造成国际资本剧烈波动并严重影响各国经济,对新兴市场国家的影响尤为明显,引发对资本管制政策必要性的重新思考。而重大突发公共卫生事件暴发导致的新一轮资本流出给新兴市场国家带来的巨大冲击,以及中国不断推进的金融市场双向开放引起的对全球金融状况的敏感性逐步增加,都凸显出合理使用资本管制政策的重要意义。通过梳理近年来关于资本管制政策实施的理论基础、国际货币基金组织对待资本管制政策的态度、新兴市场国家资本账户管理的经验,以及中国资本账户开放实践等方面的文献,发现现有文献在资本管制政策的有效性上尚未达成共识,未来应从资本管制政策与其他宏观经济政策的配合使用、资本管制政策的溢出效应与国际经济政策协调等方面进一步开展研究。The global financial crisis of 2008 triggered intense fluctuations in cross-border capital flows,prompting a reevaluation of how to effectively manage such movements for structured global capital flows.This paper addresses the challenges arising from the increased volatility in cross-border capital flows,particularly as China integrates further into the global economy.Existing academic literature lacks comprehensive studies analyzing capital control policies from both theoretical and practical perspectives,while also considering the evolving dynamics of cross-border capital flows and contemporary reflections from scholars.To fill this gap,our paper systematically reviews the theoretical foundations of implementing capital control policies,the International Monetary Fund’s stance on managing cross-border capital flows,practices of emerging economies in capital account management,various models of capital account openness,and the associated risks,challenges,and policy responses linked to China’s pursuit of capital account liberalization.While recognizing potential drawbacks,such as setbacks to national welfare and the transmission of adverse signals,the literature also acknowledges the instrumental role of capital control policies in maintaining the stability of domestic economic and financial systems and safeguarding the autonomy of domestic monetary policies.Moreover,it emphasizes that capital control policies effectively address the pecuniary externalities and aggregate demand externalities arising from private sector decisions.Practically,many emerging market economies employ policy tools like capital taxes and unremunerated reserve requirements.During the initial stages of significant public health crises in 2020,some emerging market economies deployed strategies such as local currency-to-US dollar swap contract auctions and reductions in foreign exchange reserve ratios to enhance the liquidity of domestic currencies.Additionally,with the emergence of new characteristics in cross-border capital flows in re

关 键 词：资本管制 国际资本流动 资本账户开放 国际经济政策协调 

分 类 号：F832.6[经济管理—金融学]