| Since 1990s, The whole world range inner has broken out a series of the regional financial crisis.In1992 European monetary system crisis,1994 Mexican financial crisis and 1997 Southeast Asian financial crisis,the influence on global financial stability and economic demonstrated fully. These crises have relationship with the large scale flowing of Hot Money, although they show in different forms.With the rising of RMB in value, Hot Money has been swarming into our country for huge profits. The direct reasons for Hot Money swarming are the expectation for the value rising of RMB and the interest balance between China and USA. After the breaking out of the subprime lending crisis, the US Federal Reserve decreased interest and released huge amount of Hot Money for saving the market. At the same time, China Central Bank increased interest for many times, which leading the balance between China and USA reversed and enlarged. The rising of RMB in value intensified the urge of arbitrage further. Hot Money has swarmed into our country in large scale through the common project, capital project and underground native bank, which increased the unbalance of the international income and expense, and made great influence on our stock market and estate market. It is difficult for correlated departments to supervise the Hot Money for its high-speed flowing and concealment. After that domestic departments in charge have released some controlling measures, currently available rules and regulations appear messy and discord. Therefore, it is emergency to establish preparatory, multi-levels, systematizing capital project and foreign exchange funds supervising rules.We must complete the supervising system for Hot Money, and prevent the Chinese economy from attacking from Hot Money. Reduce the crisis brought by Hot Money to lowest level using legal weapon, protect the finical security of our country and urge economy developing healthily.By using the legalistic and economics theory, adapting comparing analysis, this thesis studied the definition, characteristics of Hot Money, its flowing into reason, and economic influence. The current situation and necessary of Hot Money supervising were concluded. The completing proposals were recommended connecting with China domestic situation. The text of this thesis consists of three parts:The first part mainly elaborates the basic theory of Hot Money, Which including the definition, characteristics of Hot Money, it's flowing into reason, flowing channels, the distribution, and it's influence to our country's economy.The second part analyzes the current situation and necessity of our country's Hot Money supervising and illuminates correlated legal frameworks and legal rules. The necessity for Hot Money supervising is analyzed from national economy security and the respective of objective command of capital regular running. Two aspects have discussed drawing lessons now having main legal system of inspection and measure from direct inspection and indirect inspection significance. The third part studies the legal supervising to Hot Money. With the increasing liberation of capital count and the financial market opening up, the influence of the international idle fund will expanding increasingly. And completing the rules establishment is the root guarantee to prevent the speculation of the international idle fund. On the basis of referencing the supervising experiences from other countries, some suggestions are provided in connection with the current situation, which involves completing financial law, tax law and foreign exchange law, reinforcing supervising cooperation and strengthen the supervision for major industry.This thesis makes overall analysis to Hot Money, introduce its flowing in channels and influence. On the reference for experiences of other countries, some completing suggestions have been provided aiming at the current situation of Hot Money legal supervising, which give references for our country's Hot Money supervising. |
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