筑坝资本

纽约——

资本账户管理成为国际金融界争论的焦点已经有两年了。原因显而易见,正如国际货币基金组织所言,由于世界范围内各国经济复苏速度不同,因而经济增长缓慢的发达国家将会继续维持其低利率以及其他的扩张性的货币政策,而增长迅速的新兴国家则放松了经济大衰退时采取的扩张性政策,这一状况就极大地刺激了大量资本由发达国家向新兴国家流动,而且这一趋势还将可能继续持续。

新兴国家担心大量资本流动不仅会加剧当前财政赤字和资金泡沫的状况,而且更会抬高本国货币的兑换率,过去的经验告诉他们资本的流动是应对未来财政危机的法宝,但由于采取扩张性政策的国家中有美国,这一问题就变得复杂起来了,因为美国拥有世界上最大的金融机构,而且美国发行的货币对全球都具有举足轻重的作用。

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