资本内流下的货币政策操作与效果——部分发展中国家90年代经验借鉴

The Influence of Capital Inflows on Monetary Policy Operation and Effects

:2 0世纪的最后 1 0年 ,国际资本流动大幅增加 ,发展中国家既从中受益 ,也遭受了沉重打击 ,金融危机的爆发 ,外部冲击固然重要 ,但国内宏观经济政策的协调和运用是一国经济安全的保障。本文通过分析金融危机国家的货币政策操作在资本内流过程中的正反效果 ,阐明货币政策在金融一体化过程中的重要性和科学性。

Globalization has become a word that unveils as well as masks new realities. It beckons to new features of the international and domestic landscape such as the growing power of free markets and the corresponding decline of the capacity of governments to manage their own economies. The experience of the past decade attests that international investors have considerable resources at their command in search for high returns. While they are willing to invest capital to any national market in large volume, they are also capable of withdrawing that capital quickly. Movements of such funds-whether in or out-can have significant macroeconomic consequence. The richness of this experience-shared by highly heterogeneous developing countries and economies in transtion in Asia, eastern Europe, Latin America, parts of Africa and the Middle East-provides us with the opportunity to draw tentative lessons for policy makers coping with a world of increasingly intergrated capital markets.