国际金融体制危机与改革前瞻

The World Financial System: Crisis and Reform Outlook

一、国际金融领域的“千年虫”当泰国的金融风暴演变为亚洲甚至全球性金融危机后，经济学家终于看出了这场危机的症结所在。即这次金融危机并非亚洲的土产，它与１９９４年末的墨西哥金融危机、１９９８年的俄罗斯、中南美危机及美国长期资本管理基金的破产一起，构成了国...

Abstract The Asian Financial crisis has unveiled the rigidity of the world financial system. There are two most striking problems: a) abundant international risk capital which has rigged the financial market and disturbed the financial order could not be regulated under the current system; b) currency exchange rates influenced by speculation are skyrocketing one moment and plunge the next. The foreign exchange market turns from normal floating to abnormal spasm casting a great impact on manufacture, trade and finance and constituting the danger of economic circles of rise and fall worldwide. Under the circumstance, reform of the outmoded world financial system must be put on the agenda. One of the central points of the reform strategy is how to appropriately deal with the relationship between government and market in transnational capital movement. On the other side of the shield, developed countries take advantage of their financial capacity and focus their interest on expanding capital-flow space. The conflicts over rules and procedures incurred from vying for interest and the leading financial role among these countries have actually got the reform nowhere. What's more, the thoughts and interests of the developing countries could not be fully represented. Therefore, it will be very hard to work out a proposal that could be accepted by both the South and the North and the readjustment of the world financial system will last for a considerably long time.