本文關(guān)鍵詞：進(jìn)一步推進(jìn)人民幣資本項(xiàng)目可兌換問題的研究　出處：《中共中央黨校》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 資本項(xiàng)目可兌換 資本流動 金融穩(wěn)定

【摘要】：在世界經(jīng)濟(jì)逐步一體化、金融全球化程度逐漸加深的背景下，全球資本流動已成為經(jīng)濟(jì)學(xué)界最為關(guān)注的問題之一。由美國次貸危機(jī)引發(fā)的全球金融危機(jī)對區(qū)域及全球經(jīng)濟(jì)造成的沖擊尚未得到完全有效的控制，新興市場國家也都面臨著流動性過剩問題的挑戰(zhàn)。面對當(dāng)前特殊的國際經(jīng)濟(jì)環(huán)境，我國在推進(jìn)資本項(xiàng)目進(jìn)一步開放時須更加謹(jǐn)慎，在享受國際資本流動帶來的各種收益的同時，須把資本流動對我國經(jīng)濟(jì)金融穩(wěn)定可能產(chǎn)生的沖擊降到最低。 本文以最新的國際經(jīng)濟(jì)金融形勢為研究背景，整體上遵循“介紹理論內(nèi)涵——分析我國現(xiàn)狀——參考國際經(jīng)驗(yàn)——提出政策建議”的研究思路，以國際金融學(xué)、國際經(jīng)濟(jì)學(xué)理論為指導(dǎo)，通過借鑒日本、韓國兩國的資本項(xiàng)目可兌換的經(jīng)驗(yàn)與教訓(xùn)，同時結(jié)合我國的具體國情和客觀經(jīng)濟(jì)條件，探索一條在保證本國經(jīng)濟(jì)金融安全與穩(wěn)定的前提下促進(jìn)自身經(jīng)濟(jì)金融發(fā)展的資本項(xiàng)目可兌換之路。 本文首先簡要介紹了資本項(xiàng)目可兌換相關(guān)的理論概念，，包括資本項(xiàng)目可兌換的內(nèi)涵、前提條件、路徑等。隨后對我國資本項(xiàng)目可兌換的現(xiàn)狀進(jìn)行逐項(xiàng)分析，簡要回顧了推動資本項(xiàng)目開放的主要政策措施，并重點(diǎn)分析了當(dāng)前我國資本項(xiàng)目中直接投資、證券投資及其它投資的現(xiàn)狀和特點(diǎn)，明確指出我國現(xiàn)階段的資本項(xiàng)目可兌換雖取得一定成效，但仍存在著諸多問題，如低收益資產(chǎn)和高風(fēng)險負(fù)債的畸形結(jié)構(gòu)、資本外逃和熱錢流入并存的現(xiàn)象，及監(jiān)管方法落后、法制不健全。接著，對東亞地區(qū)典型國家日本及主要新興市場經(jīng)濟(jì)體韓國的資本項(xiàng)目可兌換歷程進(jìn)行回顧分析，總結(jié)出了可供參考的國際經(jīng)驗(yàn)教訓(xùn)，為我國資本項(xiàng)目可兌換進(jìn)程中的路徑選擇、次序安排及配套措施的建設(shè)提供有益借鑒。在此基礎(chǔ)上，通過詳述可兌換存在的風(fēng)險和現(xiàn)有條件，分析可兌換政策與有關(guān)配套政策的協(xié)調(diào)，結(jié)合當(dāng)前國內(nèi)外經(jīng)濟(jì)環(huán)境與我國改革開放的相關(guān)經(jīng)驗(yàn)，提出政策建議，認(rèn)為我國在進(jìn)一步實(shí)行資本項(xiàng)目可兌換進(jìn)程中應(yīng)根據(jù)不同子項(xiàng)、不同部門的具體情況有序推進(jìn)，更多的依靠利率、匯率等價格工具來間接調(diào)控，并深化金融改革、提高金融監(jiān)管水平、構(gòu)建多元化的金融體系。
[Abstract]:In the context of the gradual integration of the world economy and the deepening of the degree of financial globalization. Global capital flow has become one of the most concerned issues in economic circles. The impact of the global financial crisis caused by the subprime mortgage crisis on the regional and global economy has not been completely effectively controlled. Emerging market countries are also facing the challenge of excess liquidity. In the face of the special international economic environment, China should be more cautious in promoting the further opening of capital account. While enjoying all kinds of benefits brought by international capital flow, the impact of capital flow on China's economic and financial stability should be reduced to the minimum. Taking the latest international economic and financial situation as the research background, this paper follows the research idea of "introducing the theoretical intension-analyzing the present situation of our country-referring to the international experience-putting forward the policy suggestion" as a whole. Guided by the theory of international finance and international economics, this paper draws lessons from the experience and lessons of capital account convertibility in Japan and Korea, and combines the specific national conditions and objective economic conditions of our country at the same time. To explore a capital account convertibility road to promote the development of our own economy and finance on the premise of ensuring the security and stability of our country's economy and finance. Firstly, this paper briefly introduces the related theoretical concepts of capital account convertibility, including the connotation, prerequisite and path of capital account convertibility, and then analyzes the current situation of capital account convertibility in China one by one. This paper briefly reviews the main policies and measures to promote the opening of capital account, and emphatically analyzes the current situation and characteristics of direct investment, securities investment and other investment in capital account in China. It is pointed out that although the convertibility of capital account in China has made some achievements at the present stage, there are still many problems, such as the abnormal structure of low income assets and high risk liabilities, the coexistence of capital flight and hot money inflow. Then, the capital account convertibility process of Japan, a typical country in East Asia, and Korea, a major emerging market economy, is reviewed and analyzed. This paper summarizes the international experience and lessons for reference, and provides a useful reference for the construction of the path selection, order arrangement and supporting measures in the process of capital account convertibility in China. Through detailed description of the risks and existing conditions of convertibility, this paper analyzes the coordination of convertibility policy and related supporting policies, combines the current domestic and foreign economic environment and the relevant experience of China's reform and opening up, and puts forward policy recommendations. In the further implementation of the capital account convertibility process, China should according to different sub-items, the specific conditions of different sectors orderly, more rely on interest rates, exchange rates and other price tools to indirectly control. And deepen financial reform, improve the level of financial supervision, and build a diversified financial system.
【學(xué)位授予單位】：中共中央黨校
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.6

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