International Hot Money, Legal And Regulatory Research

With the world economic globalization and financial liberalization have sped up unceasingly since 1990s, the Hot Money has been expanding rapidly and playing more and more influence on global financial stability and economic development. Especially in 1992 European monetary system crisis, 1994-1995 Mexican financial crisis and 1997-1998 Southeast Asian financial crisis, the influence of Hot Money demonstrated fully. The Hot Money which is a double-edged sword, not only has the advantage of promoting the development of both intemational financial market and domestic financial market, but also can bring financial risk to the correlative countries and even the whole world. Compares with the developed country, the developing country's financial system is also imperfect and the financial market does not open completely. In addition, the financial regulation experience, the financial turbulent familiar degree and bearing capacity in developing country also are different to the developed country. Thus, the negative effect of the Hot Money in the developing country is also bigger. Therefore, this thesis focuses on discussing how to use legal weapon to maximize the benefit which the intemational capital movement brings, and reduce the risk bought by hot money effectively at the same time. This subject has practical, significance to our country's financial security and the economic development.From the legal perspective, this thesis attempts to study the supervision of the Hot Money on the basis of introducing the definition, characteristics, developing reason, advantages and disadvantages of the Hot Money, in the line with national supervision to intemational supervision by the way of comparative method and economic analysis method. With drawing experience and lessons from other countries, this thesis proposes some useful suggestions to improve the legal supervision of the Hot Money in China.This thesis consists of five parts. The first part mainly introduces the elementary problems of the Hot Money, including the concept, characteristics, expanding reason, advantages and disadvantages of the Hot Money. The second part discusses the necessity of legal supervision of the Hot Money in two aspects. The third part analyzes national supervision on the Hot Money. The national supervision of the Hot Money is foundational supervision. The fourth part analyzes the intemational supervision on the Hot Money. International cooperation and coordination performs as bilateral cooperation and multilateral cooperation. The fifth part studies the present situation of legal supervision in China, and then proposes some useful suggestions to improve the legal supervision of the Hot Money, with drawing experience and lessons from other countries. The suggestions proposed by the thesis mainly from the tax law, the securities law, the banking law, the foreign exchange control law, the foreign investment law five aspects, are the final goal which this article studies.Because the legal supervision of the Hot Money involves so many complicated questions and author's ability is restricted, this thesis unavoidably has the oversight. I request earnestly teachers to point out it. Furthermore, the study such as the legal supervision of the Hot Money in developed countries and so on, has not yet more researched, and then should be continued in the future.