亚洲金融危机后泰国资本管制的经验与启示

Capital Controls and its Effects in Thailand after the Asian Financial Crisis

自2003年开始,泰国迎来新一轮大规模资本流入。泰国银行为避免发生货币投机行为,引入了对投机性资本流入的管制。为创造更加平衡的资本流入状态,泰国鼓励资本流出自由化。2006年,资本流入激增和经常账户盈余对泰铢形成巨大压力,导致泰铢过度升值,泰国银行决定实施无息准备金制度抑制泰铢过快升值,这一措施基本实现了其既定目标,即资本流入减少、泰铢更加稳定、出口表现强劲、国内需求回升等。

Since 2003, Thailand has ushered in a new round of large-scale capital inflows. In order to avoid currency speculation, controls is introduced on speculative capital inflows. In order to create a more balanced cap- ital flows, Bank of Thailand begin to encourage capital outflow. In 2006, the capital inflow surged and current account surplus brought abouta huge pressure on the baht, resulting in the excessive appreciation of the baht. If left unchecked, the exchange rate appreciation will damage Thai exports. Therefore, Bank of Thailand decided to implement unremunerated reserve requirement （URR） to curb excessive appreciation. There is evidence that the measures have been successful to achieve its stated objectives, including reducing capital inflows, more stable exchange rate, robust export performance, advancing domestic demand , and so on. This paper focuses on policy responses to the large-scale capital flows after the Asian financial crisis in Thailand, especially the implementation of unremunerated reserve requirement （URR）, and assesses its effectiveness.