资本账户管理的合理性及其经验

The Case for and Experience with Capital Account Regulations

在最近的危机中，大多数人同意，没有管制的金融活动会严重干扰宏观经济。为此，二十国集团主要从国家层面上竭力对金融进行再监管。然而，跨境金融活动几乎完全没有进入议程，好像它并不需要任何管理规制或者它根本就不是金融的一部分一样。对这个问题的传统讨论也涉及到一个特别的术语变化：国内金融监管被直呼其名，但如果涉及到跨境的资本流动，它们就被称为“管制”。我们会用更加适当的名字来称呼它们：资本账户管理。

Pro-cyclical capital flows have greatly narrowed the space for implementing counter-cyclical macroeconomic policies.Whether in prosperous years or during crises,it is necessary to properly manage the capital account.During normal years,it can help authorities to tackle problems brought by economic prosperity while avoiding risks caused by rising currencies,increasing current account deficits and unnecessary foreign exchange pile ups.During crises,it can be used to avoid or reduce capital exodus.Like prudential supervision,capital account management is either quantity-based(or administrative management-based),or price-based,although it also has more complicated forms.Cross-border capital account management is the main component of global monetary regime reform.