論資本帳戶開放可持續(xù)——理論、案例與政策含義.pdf

1、復(fù)旦大學(xué)碩士學(xué)位論文論資本帳戶開放可持續(xù)——理論、案例與政策含義姓名：黃華民申請學(xué)位級別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：朱葉2001.5.10ABSTRACTTheoreticallyfreecapitaIflowbetweencountriescanoptimizeresourceallocation，smoothconsumptionandinvestment，provideopportunitiesforriskdiversifica

2、tionAndthusitimprovessocialwelfaregloballyThisperspectivemakesdevelopedcountriesliberalizetheircapitalaccountsandalsoactivelypushdevelopingcountriesliftrestrictionsoncapitalflowsManydevelopingcountriessuccessivelypursued

3、capitalaccountconvertibilityinordertoattainforeigncapitaltosupporteconomicgrowthLargecapitalinflowshavegreatlyimprovedtheeconomiclevelandstandardoflivingindevelopingcountriesMexicoMiracleandEasternAsianMiracleeverbecamep

4、opularvocabulariesToliberalizecapitalaccountisconsideredtobeaneasywaytopromoteeconomicgrowthHoweverMexicoandSouth—EasternAsianFinancialCrisisindicatedthatthepathtocapitalaccountliberalizationwasfilledwithrisksSubsequentl

5、ythisarticleputsforwardthepropositionofsustainabilityofcapitalaccountconvertibilityandexpoundsitstheoreticalandactuaIImplicationsWilhreferencetothedefinitionsoffinancialsustainabledevelopmentfiscalsustainabilityandcurren

6、taccountsustainabilitystressingsolvencystandardthispaperdefinessustainabilityofcapitalaccountconvertibilityemphasizingtheinfluenceofcapitalflowitselfonsustainabiiitySustainabilityunifiestheviewpointsthatrespectivelysuppo

7、rtcapitalcontrolandfreecapitalflowThecoreofsustainabilityistoensurethatinvestmentreturnonforeigncapitalbenolessthaninvestors’expectedreturnThenthisthesisdelvesintopolicymixdealingwithhowtomaintainsustainablecapitalaccoun

8、tliberalizationaccompaniedbycasestudiesExcessivecapitalinflowscancauseeconomicoverheatingandbanksectorfragilityInordertoensuresustainabilitydevelopingcountriescanimplementcountercyclicalpoliciesstructuralpoliciesandpolic

9、iesdesignedtoreducenetcapitalinflowsThecasestudiesofChileandThailandfurtherelucidatethatthequailtyoffinancialregulationandstablefinancialsystemplayacriticalroleinmaintainingsustainabilityFinallythepaperillustrateswhyitis

10、notripeforChinatofullyopencapitalaccountfromfouraspectsincludingdegreeofinterestrate|iberaza“OnandsoonThepaperiscomprisedoffivechaptersChapterIanswersthequestionwhysustainabilityofcapitalaccountconvertibilityisputforward

11、ChapterIIexpoundstheconnotationsofsustainablecapitalaccountIiberalizationChapterIllshedslightontherelationshipbetweeninternationaIcapitaIflowandsustainablecapitalaccountconvertibilityChapterⅣanalyzestheinfluenceofopening

12、paffernonsustainabilityChapterVmakesuseofconclusionsoffourpreviouschapterstoexaminewhethertheconditionsofopeningcapitalaccountinChinaaresatisfiedandprovidesrelatedsuggestionsKeywords：CapitalaccountCapitalflowSustainabili