资本账户自由化进程中的适应性资本管制

The Adaptive Capital Supervision and Regulation in the Course of the Capital Account Liberalization

资本账户自由化进程中的资本管制不同于未开放资本账户前的资本管制。开放资本账户后的资本管制主要适应国际与国内金融形势的变化,减慢国际资本快速流动与突然性逆转对本国金融体系的冲击,防止本国金融危机的发生和防范他国金融危机对本国的传染。适应性资本管制强调金融监管当局根据国内国际金融形势的变化,相机抉择监管方式,以适应资本账户开放的新情况。适应性资本管制主要是通过市场手段,力求在不损害资本流动效率的前提下,减缓资本流出入的剧烈波动对本国货币的冲击。

The capital supervision and regulation in the course of capital account liberalization differs from that before opening capital account. The capital supervision and regulation After opening capital account mainly adapts to the international and domestic financial condition change,making international capital dramatically move slowly to abate the assault of the domestic financial systems, preventing the financial crisis and the financial crisis infection .Adaptive capital supervision and regulation emphasizes that the financial supervise bureau should choose different supervise means according to international and domestic financial condition change for adapting to the new conditions of opening capital account. Adaptive capital supervision and regulation mainly uses market techniques to alleviate the attack domestic currency because of capital movement's volatility under the premise of not harming capital mobile efficiency.