国际资本流动外文文献

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1、外文文献信息标题：ControllingInternationalCapitalFlow:EmergingEconomyExperiences(控制国际资本流动:新兴经济体经验)作者:TKim,Yoonbai期刊名SERIQuarterly；第3卷；第3期；页码：51-63ControllingInternationalCapitalFlow:EmergingEconomyExperiencesTKim,YoonbaiABSTRACTTheglobalfinancialcrisisrevealedlingeringproblemsinKorea'sfinancialsyste

2、m,especiallylarge,short-termforeign-currencydeb匚Duringthecrisis,theKoreanwondepreciatedmuchmorethanotherEastAsiacurrencies.Enoughrestrictionsintheeconomyremaintogiveforeigninvestorspauseandpromptthemtofleeatthefirstsignsoftrouble・AlookathowTaiwanandSingaporehavemanagedtheirmonetarypolicyand

3、reformwouldbeinstructiveforcuiTencystability.Keywords：capitalcontrols,globalfinancialcrisis,Asiancurrencycrisis,financialmarketsCRISISANDCAPITALThe1997AsianfinancialcrisiswasawatershedeventinKorea*sfinancialhistory.InreturnfortheInternationalMonetaryFund's(IMF)fundingtosurvivethecrisis,theK

4、oreangovernmentacceptedthedemandforliberalizationoffinancialmarkets・Inthetenyearsorsosince,thegovernmenthasbeenearnestinkeepingitspromises.Bythemid-2000s,Koreaappearedtobeasopenasanyadvancedindustrialcountryintermsofregulations(orlackthereof)oninternationalcapitalmovements・Nonetheless,Korea

5、wasnotabletoescapethespilloveroftheglobalcrisisin2008-09eventhoughitsmacroeconomicconditionappearedtobesound・Infact,theKoreanwon(KRW)declinedmorethanmostothercurrenciesinEastAsia,whiletheequitymarkettumbledasmuchasmostothercountries・Thereisconsensusthatbothfinancialcriseswereatleastinpartin

6、ducedbyhighcapitalmobility.Liberalizationofthefinancialmarketscombinedwiththeabundanceofliquidityencouragedinternationalcapitalflowstoemergingmarketeconomies.Theinflowcametoasuddenstopandreversed,givingrisetoacuixencycrisisandbringingdowntheeconomyalongwithit.Theilliquidityoffinancialandnon

7、financialbusinessfirmswasanimportantcauseoffinancialcrises.Thecurrencymismatch・assetsinlocalcurrencyfinancedbyliabilitiesinforeigncurrency・andthematuritymismatch-long-termprojects(assets)financedbyshort-termdebt・havebeenpointedoutasoneofthemajorweaknesse