资海弄潮:不稳定资本流与亚洲生存之道

Facing the Flood——How Asia Is Coping With Volatile Capital Flows

资本流不稳定性对于自由金融市场的冲击,是引发金融危机的重要诱因之一,却一直未得到应有重视。本文详细阐述了1997-1998年亚洲金融风暴及2008-2009年全球金融危机中,资本流对亚洲的影响过程,以及亚洲各国政府在面对危机时所采取的相应自救和互救对策,呼吁采取多项措施,加强国际协作与合作,建立起多极化的国际货币体系,以维护亚洲乃至全球货币和金融的稳定。

Sharp swings in capital flows have been key triggers of financial crises in the past but these critical factors have not attracted the public attention they deserve. This article describes how capital movements affected Asia during the 1997-1998 Asian financial crisis and the 2008-2009 global financial crisis and how countries in the region responded to protect themselves and their neighbors.