国际短期资本流动研究——对我国资本外逃的实证分析-金融学专业论文.docxVIP

Y6 Y6 4 587l 国际短期资本流动研究 中文提要 中文提要 自上个世纪70年代以来，金融化浪潮席卷全球一金融工具不断创新、各国金融 市场自由化、国际化和一体化进程的加快，资本流动愈显短期化和证券化，国际短期 资本的流动已成为当今世界经济中一股最为活跃的力量。而我国自从90年代以来， 特别是1994年汇制改革以来，跨国境资本对流日益明显，持续数年出现国际收支的 经常项目和资本项目同时顺差，国际资本流入与国内储蓄过剩相并存，国际资本的巨 额流入与大规模的资本外逃相并存的奇怪现象。为了解答这样一个问题，本文在国际 资本流动的经济学合理分析框架下，对中国资本外逃现象进行了实证研究，为国际短 期资本流动的管理提供了政策与措旌建议。 关键词：国际短期资本、资本外逃、金融全球化 作 者：向群 指导老师：乔桂明 AbstractStudy Abstract Study of international short—term capital Abstract Since the seventies of the last century,a tide of financial has swept the entire world-the continuous innovation of fmancial means，the speed-up of the progress of the finance market’s liberalization,internationalization and integration of various countries of the world，which makes capital circulation more short—term and mostly in the form of securities；therefore，the international short-term capital has become the most active power of today’s world economy．As far as our country is concerned，the convection of transnational capital circulation has become more and more distinct since the nineties of the previous century especially the reform of exchange regulations in 1994．For several years，the rare phenomena have continued-favorable balances of both current items and capital items of international revenue and expenditure，coexistences of the inflow of foreign capital and the surplus ofdomestic deposff，and coexistences ofthe great inflow of international capital and the large—scale flight of domestic capital．In order to solve such a problem，this article attaches a positive study to the capital flight in China and puts forward suggestions about policies and measures of the administration of the circulation of international short-term capital based on rational economic analyses． Keywords：imemational short-term capital；c印ital flight；global finance WrNen by：Xiang Qun Supervised by：Qiao Gui—Ming II 国际短期资本流动研究 国际短期资本流动研究 前言 刖 罱 一、金融全球化下的新课题： 随着金融全球化的深入，全球性资本的流动已经一跃成为当今世界经济中一股最 为活跃的力量，它有力的影响着国际金融资源在全球范围内的配置。这些规模巨大、 流动快捷的国际短期资本对各国政府宏观经济政策的有效性和各类经济主体的微观 决