关于加强对跨境资本流动均衡管理的思考

Opinions on achieving a balanced capital flow management

随着季度金融数据的发布,国内再度引起了对热钱的热议。文章分析认为,由于任何开放经济都会面临跨境资本流动冲击,任何资本流动也都是逐利的,因此区分热钱、冷钱实际意义有限。同时,在很多情况下,套利是正常的财务运作,通常不应该一概加以限制。应对跨境资本流动的冲击,应从解决对外经济失衡入手,采取一揽子措施。

The release of new quarterly financial statistical data has ignited another round of hot debate on speculative capital inflows to China. This paper argues that it＇s not worthwhile to separate speculative capital flow from the normal one, as all open economies are subject to the influence of cross-border capital inflow and outflow, and capital flows, by their very nature, are profit-seeking, whether they are short term or long term. It＇s not feasible to crack down on all speculations as most of them are rational financial arrangement. It＇s desirable to deal with problems caused by capital flows under a comprehensive policy framework for achieving external rebalance.