90年代发展中国家国际资本流入的新特点及其影响

New Features of International Capital Flowing into Developing Countries in 1990's

从1992年起，流向发展中国家的证券资本以较大的优势超过了国际直接投资。在全球经济一体化、金融市场自由化和国际化的背景下，国际资本跨国流动呈现出规模巨大化、运作方式机构化、流动形式多样化的特点。庞大证券资本的注入在给新兴市场国家带来益处的同时，也可能造成伤害，这一点在墨西哥和东南亚金融危机中已经得到证实。因此防范和化解国际资本的流入所带来的金融风险，是新兴市场国家当前所面临的严峻课题。

From 1992, the securities capital flowing into developing countries had exceeded considerably international direct investment. On the background of global economic integration as well as financial market liberalization, International capital nows between the countries show the features with a large scale, running at certain financial institutes and flowing in varions forms. A large number of securities capital flowing into the newly emerging capital markets get considerably benefits, meanwhile also bring about pounding to these countries. The financial crisis brought out in Mexico and Southeast Asia Countries have confirmed this point. Preventing from financial risk brought by the international capital flows is the critic subject faced by newly emerging markets.