资本管制

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Lex专栏:资本管制要不得


迪拜危机使新兴市场的资本管制措施失效。给热钱降温是可以理解的,但实现币值有序调整的最佳方式,是通过放开资本账户,而非武断的管制。

In recent weeks and months, governments around the world were openly experimenting with capital controls to stem tides of speculative money. Where Brazil led, taxing foreign purchases of debt and equity, Taiwan and China followed, excluding foreigners from some local-currency deposits. India, Indonesia, South Korea and Thailand toyed with measures. Then came Dubai. Flows slammed into reverse. Every emerging market currency bar the Argentine peso weakened against the dollar.

最近几周乃至几个月,世界各地的政府都在公开尝试采用资本管制来遏制投机资金潮。巴西首当其冲,对外国资本购买本国债务和股票课税;manbetx3.0 大陆与台湾紧随其后,将外国人排除在几种本币存款业务之外。印度、印尼、韩国和泰国也玩弄起相关手段。接着是迪拜。资金流向迅即逆转。除了阿根廷比索,所有新兴市场货币兑美元汇率均告下跌。

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