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

对亚洲货币危机的分析表明，受危机打击的国家对国际资本流动的监管框架，特别是从1980年代末开始实施的取消数量流入限制或对波动资本采取促进措施，包括跨境银行间信贷，对危机的发生和严重程度产生了重大影响，而在资本大量流入的情况下引入或加强的基于市场的措施，如准备金要求或外汇头寸限制，对此类资本流入的限制影响有限。相反，那些维持对银行外部借款审批要求等严格监管的经济体，没有经历大量短期资本流入，避免了严重的危机。20世纪80年代以来，国际资本流动自由化的理论好处似乎构成了新兴市场和发展中经济体自由化的背景，但尚未得到经验证实，但据观察，国际货币基金组织总体上赞成国际资本流动监管自由化，美国对特定目标国家也是如此。这似乎构成了新兴市场经济体没有采取足够的风险管理措施而导致资本流动自由化的部分因素。然而，亚洲金融危机后，特别是面对近年来流入新兴市场经济体的资本不断增加，IMF的立场已转变为更现实的立场，即在一定条件下可以接受资本流入管制，这表明国际社会对这一问题的看法发生了一些变化。

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.