1994年以来中国的资本流动研究

Capital Flows in China After 1994

文章分析了我国国际收支平衡表的结构特征,并对我国资本的流动进行了经验检验,证明在我国不仅仅是单向的资本流出,而且存在资本内流进行套利的情况,这种状态表明我国对资本账户的管制趋于无效。

The paper describes the structure characters of the China’s Balance of Payments after 1994, and examines empirically the factors that influence the capitals flow in China. The research shows that there are not only the capitals outflows, but also the capitals inflows. The outcome explains the sustained hot moneys can obtain stable and high earnings through arbitrage, which leads to the nullity of our government's restricted supervision on the capital account.