The role of capital transaction regulations in emerging market and developing economies under financial globalization

金融全球化背景下新兴市场和发展中经济体资本交易监管的作用

• 批准号: 20530264
• 负责人: ARAMAKI Kenji
• 金额: $ 2.83万
• 依托单位: The University of Tokyo
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2008
• 资助国家: 日本
• 起止时间: 2008 至 2010
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-20530264/
• 关键词: 金融グローバル化; 資本取引規制; 新興市場国; 途上国; 資本フロー; IMF; アジア通貨危機; 世界金融危機

The analysis of Asian currency crisis shows that the regulatory framework of international capital flows in crisis-hit countries, particularly the lifting of quantitative inflow restrictions or adoption of promotion measures regarding volatile capital including cross-border interbank credits implemented from the end of 1980s, significantly affected the incidence and severity of the crisis, while such market based measures as reserve requirements or foreign exchange position limits that were introduced on the liberalization or strengthened in the face of large capital inflows had a limited restrictive impact on the inflows of such capital. On the contrary, those economies that maintained strict regulations such as approval requirements on external borrowings by banks did not experience large inflow of short-term capital and avoided serious crisis. While theoretical benefits of liberalization of international capital flows that seem to have constituted a background for the liberalization by emerging market and developing economies since 1980s have not been empirically confirmed it is observed that IMF has generally favored , and the US has promoted in relation to specifically targeted countries, liberalization of regulations of international capital flows. This seems to have constituted part of contributing factors to the liberalization of capital flows without sufficient risk management measures by emerging market economies. However, after the Asian crisis, particularly in the face of increasing inflow of capital to emerging market economies in recent years, the stance of the IMF has changed to a more realistic position under which capital inflow controls may be accepted under certain conditions, showing some signs of change in international thoughts on the issue.

对亚洲货币危机的分析表明，受危机影响的国家对国际资本流动的监管框架，特别是自20世纪80年代末以来实施的取消数量流入限制或采取包括跨境银行间信贷在内的波动性资本促进措施，对危机的发生和严重程度产生了显着影响，而在自由化过程中引入或强化的存款准备金率或外汇头寸限制等市场化措施则直接影响了危机的发生和严重程度。 大量资本流入对此类资本流入的限制作用有限。相反，那些对银行对外借款的审批要求等保持严格监管的经济体并没有出现短期资本大量流入，避免了严重的危机。虽然国际资本流动自由化的理论上的好处似乎构成了自 20 世纪 80 年代以来新兴市场和发展中经济体自由化的背景，但尚未得到实证证实，但据观察，国际货币基金组织普遍赞成国际资本流动监管自由化，而美国则针对特定目标国家推动国际资本流动监管自由化。这似乎是新兴市场经济体在没有采取足够风险管理措施的情况下资本流动自由化的部分促成因素。但亚洲危机后，特别是近年来面对资本流入新兴市场经济体不断增加，国际货币基金组织的立场转变为在一定条件下可以接受资本流入管制的更为现实的立场，显示出国际社会在这一问题上的一些转变的迹象。

项目成果

Global Financial Crisis-Japan's Experiences in the 1990s and Challenges for the Global Regulatory Reform

全球金融危机——日本20世纪90年代的经验及全球监管改革的挑战

• 发表时间: 2009
• 作者: Aramaki;Kenji
• 通讯作者: Kenji

Aramaki, Kenji, "Implication of the capital flow-driven crises for the international financial architecture-Country experiences in the Asian Crisis" March 28, 2010, A note submitted to G20 Expert Group-Financial Safety Nets in response to a request from i

Aramaki, Kenji，“资本流动驱动的危机对国际金融架构的影响——亚洲危机中的国家经验”，2010 年 3 月 28 日，应国际金融机构要求提交给 G20 专家组金融安全网的说明

グローバル化と日本経済(浦田秀次郎・財務総合政策研究所編)(グローバリゼーション:ベネフィットとコスト・リスク)

全球化与日本经济（浦田英二郎、政策研究所编）（全球化：收益、成本和风险）

• 发表时间: 2009
• 作者: Arito Ono;Iichiro Uesugi;渋谷博史編(荒巻健二);植杉威一郎・内田浩史・小倉義明・小野有人・胥鵬・鶴田大輔・根本忠宣・平田英明・安田行宏・家森信善・渡部和孝・布袋正樹;荒巻健二
• 通讯作者: 荒巻健二

『グローバル化と日本経済』(仮題)(第1章荒巻健二著「グローバリゼーション:ベネフィットとコスト・リスク」)(印刷中)

“全球化与日本经济”（暂定标题）（第一章“全球化：收益、成本和风险”，作者：荒牧健司）（正在印刷中）

• 发表时间: 2009
• 作者: Arito Ono;Iichiro Uesugi;渋谷博史編(荒巻健二);植杉威一郎・内田浩史・小倉義明・小野有人・胥鵬・鶴田大輔・根本忠宣・平田英明・安田行宏・家森信善・渡部和孝・布袋正樹;荒巻健二;浦田秀次郎・財務総合政策研究所編(荒巻健二)
• 通讯作者: 浦田秀次郎・財務総合政策研究所編(荒巻健二)

Volatility of International Capital Flows and Challenges for Emerging Market Economies

国际资本流动的波动和新兴市场经济体面临的挑战

• 发表时间: 2010
• 作者: Aramaki;Kenji
• 通讯作者: Kenji