The Study Of The Management Of International Short-term Capital Flow

With the deepening constantly of economic globalization, the economic impact that international short-term capital brings has already reached the unprecedented degree, such as: Latin American debt crisis in the eighties, Mexican financial crisis in the 1990s, the Southeast Asian financial crisis and Russian financial crisis. So more and more scholars begin to study how to supervise international short-term capital flow.This text use theory analysis with real example, history analysis with Realistic analysis and comparative analysis to analyze the characteristic, reason of international short-term capital flow and theoretical foundation to management of international short-term capital flow. On the basis of recommending experience that other country manage international short-term capital flow for reference, the article propose own opinion of how to control international short-term capital flow in China. The full text divides into five parts.The first part: The introduction. After explaining the meaning of selected titles at first, and then introducing the achievement in research to international short-term capital circulation management at home and abroad, this text recommends the research approach, train of thought and structure of this text at last.The second part: The outline of the international short-term capital. It first introduces the concept of the international short-term capital, then describes the characteristics and new trends of international short-term capital flow, and finally analyzes the reason of international short-term capital flow. The international short-term capital means that the time limit of capital flow is within one year or one year. International short-term capital flow can be divided into trade capital flow, bank capital flow, security capital flow and speculative capital flow. Characteristics and new trends of present international short-term capital circulation is the scale of international short-term capital increases constantly; the flow forms of the international short-term capital diversify; international short-term capital influenced economy enormously etc. The aim of International short-term capital flow is not only for chasing profit but also for sheltering from risk. The risk factor includes the political risk and economic risk.The third part: the theoretical foundation of supervising international short-term capital circulation. International short-term capital circulation is a" rapier", while International short-term capital brings about an advance in international economy, it brings negative effects too, so international short-term capital circulation should be3supervised. International short-term capital circulation will influence the monetary policy autonomy; When international short-term capital flows into (out) one country, it will influence the stability of the exchange rate because of cause non- normal foreign currency supply and demands international short-term capital; the international short-term capital chase for great amount of profit, and after the goal is reach, it will flee from this country, leading to the fact that the fund of this country is scarce seriously; In addition, the international short-term capital still influences the choice of the system of exchange rate, financial system, and can conduct the financial crisis.The fourth part: International short-term capital flow control: Foreign experience and enlightenment. This part first recommends several typical countries supervision experience of international short-term capital control such as U.S.A., Japan, European Union, Brazil, Chile, Korea S., etc, then summarizes their experience, and expounds its enlightenment of our country and reference meaning. Foreign capital control can be summed up as the following: unremunerated reserve requirement; taxes on the short-term capital transaction; limit the short-term credit in foreign exchange or the scale of holding position of the foreign currency; some kind of the foreign exchange transaction or the financial asset trade must be approved for...