日美量化宽松货币政策与中国跨境资本流动监管

Supervision of China's Cross-border Capital Flows under Japanese and American Quantitative Easing Monetary Policy

全球金融危机和欧洲主权债务危机后,多国采用了量化宽松货币政策来刺激国内经济。2012年末至2013年初,美国和日本等国又开始了新一轮的量化宽松货币政策。这种非常规的货币政策,对实施国的经济复苏和金融市场稳定起到了很好的推动作用。但也造成了过量的资本涌入中国等新兴经济体,并在短期获利后快速退出,使中国金融市场受到冲击。中国跨境资本流动监管的难度加大的挑战和应对,由是成为本文的初衷。

Some countries adopted quantitative easing monetary policy to stimulate the domestic economy after global financial crisis and European sovereign debt crisis. America, Japan and other countries started a new round of quantitative easing monetary policy at the end of 2012 and in the early 2013. The policy played an important role in promoting financial market stability and economic recovery, but caused short-term overflows entering into China and other emerging economies. Chinese financial market is affected by the capital, which withdraws from China quickly. It is more difficult for China to supervise the cross-border capital flows. The thesis gives some recommends to improve the supervision on it.