IMF的半步

波士顿—“过去的异端,现在被认为是正统了,”1944年凯恩斯在帮助说服世界领导人新成立的IMF应该将国际金融流监管视为成员国核心权利后评论说。但是,到了20世纪70年代,IMF和西方列强开始推翻这一理论,实践全球资本流监管。20世纪90年代,IMF甚至试图修改章程,开始指导起跨境金融去监管来。

IMF最近不无自满地采取了新的“制度性观点”,支持全球金融的重新监管。IMF的目标仍是终极金融自由化,但它现在也承认,资本的自由流动的理论基础要比自由贸易弱得多。

特别地,IMF承认,资本账户自由化要求国家在金融和治理制度方面达到一定的门槛,而许多新兴市场和发展中国家尚不能做到这一点。更为根本的是,IMF接受了跨境金融流利弊共存的观点,特别是大规模流入之后发生的突然断流,这会造成极大的经济动荡。

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