IMF和OECD关于资本流动观点的最新发展

Recent Developments in IMF and OECD’s Views on Capital Flows

回应全球资本流动新动向和各成员国改革关切点,国际上两大资本流动管理规则框架也在演变。修订后的OECD《通则》在维持对成员国资本自由流动高要求的同时,为成员国使用宏观审慎工具应对与资本流动相关的金融稳定风险提供灵活性安排,并加强了与IMF等的协调机制。IMF也在研究完善对具有宏观审慎和资本流动管理双重属性的政策措施的处理,并将更多结合各国经济金融体系特点,为成员国提供资本流动方面的政策建议。

In response to the new trends in global capital flows and reform concerns of member states,the two major international capital flow management frameworks are also evolving.The revised OECD General Principles,while maintaining high requirements of the free flow of capital among member states,provides flexibility for member states to utilize macro-prudential tools to cope with financial stability risks associated with capital flows,and strengthens the coordination mechanisms with the IMF and other international organizations.The IMF is also researching and improving the handling of policies and measures with dual attributes of macro-prudence and capital flow management,and will provide member states with policy recommendations on capital flows,taking into consideration the specific characteristics of their economic and financial systems.