资本账户开放对国内通货膨胀的影响:一个综述

The Impact on Domestic Inflation from Capital Account Opening

国际经验表明,在经常账户开放一段时间之后,各国大都开始推进资本账户开放,允许资本自由流动。但是资本账户开放所带来的宏观影响却不如经常账户开放那么显而易见。特别地,资本账户开放对国内通胀影响的研究更是不多见。本文试图对现有资本账户开放对通胀影响的文献进行全面系统的梳理,发现现有的研究结论虽有出入,但各界对资本账户开放影响通胀的机理存在着基本共识。

According to international experience,most countries begin to promote capital account opening after their current account has been opened. But the macro effects brought about by capital account opening are not as obvious as those from opening the current account. There is very little research regarding the inflationary impact of opening the capital account. The author seeks to make a comprehensive review of the effects on inflation from capital account opening. The study concludes there is a consensus on the mechanism for assessing the inflationary impact.