新兴经济体应对国际资本流动:文献综述

The Response of Emerging Economies to International Capital Flows: a Literature Review

随着全球金融一体化程度的不断加深,国际资本流动对各国经济的影响不断增强。特别是2008年全球金融危机后,如何最小化国际资本流动所带来的负面冲击越来越受到新兴经济体的关注。文章系统梳理了近年来关于国际资本流动的现状与趋势、驱动因素、对新兴经济体的影响及相关应对措施等方面的文献,认为今后新兴经济体应综合使用资本流动管理工具和宏观审慎政策应对国际资本流动,同时还应进一步加强国际政策协调。未来应从全球金融网络、微观数据使用等方面加强对国际资本流动的研究。

With the integration of global financial market,the effect of the international capital flow on the global economy is increasing.Especially in the aftermath of the global financial crisis in 2008,the emerging market economies'governments paid more attention to how to respond to the volatility of the international capital flow.This paper reviews the literature in recent years and analyzes the trends,drivers,effects and policy suggestion for the international capital flow.For emerging market economies,we should employ capital flow managements and macro-prudential policies,and improve the international cooperation to deal with the international capital flow.We should make more explorations of the global financial network and micro-level data in the future.