资本账户开放初始条件的决定与构成分析

Orientation and Constructive Analysis of the Precondition of the Capital Account Liberalization

在成本收益分析框架下,资本账户开放的初始条件取决于其边际收益与边际成本曲线的情况,即使绝大多数的条件不具备,但只要某一方面的改进能够构成边际收益和边际成本曲线的交点,那么资本账户开放的初始条件就已具备,可以在开放进程中来促进其它条件的成熟,进而可以推进资本账户更大程度的开放。资本账户开放初始条件的具体构成可归纳为以下四个方面:经济竞争力和经济状况、国内金融体系的市场化程度、金融监管体系和宏观经济的政策框架。

Based on the analysis of the benefits and costs, the preconditions of capital account liberalization depend on its marginal benefits and costs curves. The intersection of these two curves is the sole prerequisite of capital account liberalization. The process of capital account liberalization facilitates the maturity of other preconditions and speeds up the capital account liberalization process itself. The preconditions of capital account liberalization consist of four factors： the status of domestic economy, the degree of financial system＇s reform, the financial supervision and the frame of macroeconomic policy.