李朝颜-资本账户开放对跨境资本流动影响的研究.doc

本科论文本科论文摘要在经济全球化和金融全球化不断加强的今天，资本账户开放成为我国经济融入全球经济的必经之路。在资本账户不断开放、兑换自由度不断提高的过程中，我国应将跨境资本流动风险放在首要关注的风险上，因为资本账户的持续开放必然会使跨境资本流动的速度变快、流量变大，这对我国金融市场的稳定性会造成风险逐步叠加的影响。本文通过搜集2000-2018年国际货币基金组织发布的相关数据，采用约束性测量测算出资本账户开放度，将其与非储备性质金融账户的流入、流出、差额三项变化趋势进行比较。得出的结论认为随着资本账户开放的程度的不断增加，跨境资本流动程度加剧，同时总体流动规模呈上升趋势，但是由于资本账户开放度并不是影响跨境资本流动的唯一因素，其他因素可能会剧烈的影响到跨境资本流动的规模与程度。由此，针对资本账户开放与跨境资本流动的现状与未来提出了相应的对策。关键词：资本账户，跨境资本流动，约束性测量AbstractWiththedevelopmentofeconomicglobalizationandfinancialglobalization,theopeningofcapitalaccounthasbecometheonlywayforChina'seconomytointegrateintotheglobaleconomy.Intheprocessofpromotingtheopeningofthecapitalaccount,themostimportantthingforChinaistheriskofcross-bordercapitalflows,becausetheopeningofthecapitalaccountwillcertainlybringalargeandrapidinflowandoutflowofinternationalcapital,thisincreasesinstabilityandriskinfinancialmarkets.Inthispaper,thecapitalaccountopennessismeasuredbybindingmeasuresbasedonthedatapublishedbytheIMFfrom2000to2018,itiscomparedwiththeinflow,outflowandbalanceofnon-reservefinancialaccount.Itconcludesthatwiththeincreasingopennessofthecapitalaccount,thedegreeofcross-bordercapitalflowshasintensified,whiletheoverallscaleofcapitalflowshasshownanupwardtrend,butsincecapitalaccountopennessisnottheonlyfactorthataffectscross-bordercapitalflows,otherfactorsmayaffectthescaleanddegreeofcross-bordercapitalflows.Therefore,thispaperputsforwardcorrespondingcountermeasuresagainstthecurrentsituationandfutureofcapitalaccountopeningandcross-bordercapitalflow.Keywords:Capitalaccount,Cross-bordercapitalflows,Bindingmeasures目录TOC\o"1-3"\h\z\uHYPERLINK\l_Toc15228摘要PAGEREF_Toc15228IHYPERLINK\l_Toc24416AbstractPAGEREF_Toc24416IIHYPERLINK\l_Toc10281前言PAGEREF_Toc102811HYPERLINK\l_Toc101451相关概念PAGEREF_Toc101