新兴市场国际资本逆转问题的观察与分析

Analysis of the International Capital Inflow Reverse in the Emerging Markets

席卷全球的金融危机改变了国际资本流入新兴市场的既定状况。由于世界范围内的信贷严重紧缩和美元的高调升值,形成了金融资本大规模撤离新兴市场国家的新现象。这一资本逆转的结果不仅可能加大新兴市场国家货币的贬值压力,冲击和干扰其本已脆弱的金融体系,而且势必打击该区域实体产业和既有福利。国际社会应当从加强监管、密切金融合作和消除贸易保护主义等方面尽可能阻止金融资本撤离新兴市场的进程和规模。

Global financial crisis has deeply changed the situation of the emerging markets. Due to global credit contraction and U.S. dollar appreciation, a large amount of financial capital has left the emerging markets. This capital inflow reserve will take the effect on the depreciation of currencies of these emerging countries and impact on their fragile financial systems,enterprises and existing welfare. International society should strengthen monitor and cooperation in financial field,prevent the process and scale of financial capital＇s leaving the emerging markets by eliminating trade protectionism