Research On International Short-term Capital Flows Supervision In China

The international short-term capital is a kind of international capital with strong fluidity which can reverse quickly in a short time. Due to its characters, international short-term capital flows led to the explosion of financial crisis in the history. Therefore, it is significant for economic stability to supervise the international short-term capital flows effectively.Nowadays the international short-term capital moves frequently in China through the concealed channels, such as the current account. And the explosion of financial crisis is always related with the disequilibrium of the current account. Therefore, the thesis analyzes the international short-term capital flows in terms of the current account. The thesis firstly introduces current situation of international short-term capital flows and the supervision in China. And then the effects of international short-term capital flows are studied up on in terms of the current account. When the current account is heavily deficit, the risk of financial crisis explosion brought about by international short-term capital flows rises sharply; while the current account is surplus, the risk also exists because of the economic frangibility. So reversing the disequilibrium of the current account should not be ignored when the international short-term capital flows are supervised.The thesis uses the historical, realistic and comparative analytical methods to analyze the measures that other countries take to supervise the international short-term capital flows and to reverse the disequilibrium of current account. And also a risk warning system is built up, including a warning model and warning indicators about the current account. At last some suggestions are provided for the purpose of improving the supervision in China.