| Since the middle of Nineteen ninties, due to large inflows and reversal of "hot money", the financialcrisis frequency of emerging market countries is also gradually increased. With the development ofeconomic globalization and financial integration, the scale of " hot money" increasing, and showinga strong concealment characteristics, so how to supervise "hot money" effectively become animportant problem to be solved which to stabilize the financial security of each country.In recent years, The growth momentum of China's economic is powerful, RMB appreciation isexpected to continue to increase. At the same time, with the development of liberalization on capitalaccount, the scale of " hot money" into the domestic increasing. After the sub-loan crisis of theUnited States, which caused the negative effect on economy continues, and the global economy indoldrums, the overall economic situation of China is relatively stable. Due to facing theappreciation pressure of RMB," hot money" has full power into my country. To this situation, howto better prevent and reduce the impact to domestic economy of the massive "hot money", moreeffective supervision" hot money" is our problem to be solved.By the definition of" hot money", combined with its scale and trend, the author introduces thesituation of" hot money" into our country and discusses the "hot money" through the regularchannel, capital and financial channel and illegal channel three ways into our country. Byexpressing negative impact about " hot money" to our country economy, the paper takes ShanxiProvince as an example to analyze the effect of" hot money" to industrial structure and demandstructure, this has draw lessons to our country economic structure transformation. To the" hotmoney" supervision, this article elaborates " hot money" regulation in current and analyses " hotmoney" regulatory measures on the developed countries and emerging market countries, putsforward the enlightenment to our country. At last,author provides policy recommendations fromshort-term and long-term two angles to monitor and prevent the" hot money". From the short-termperspective, firstly, in the control of" hot money" into the field,we should through direct andindirect measures to implement; then to have entered "hot money" regulation, on one hand weshould establish and improve the dynamic monitoring system, on the other hand trying to guide "hotmoney" into long-term investment fund that provides financial support for our country economicdevelopment; lastly about withdrawal management, this article believes that our country shoulddraw lessons from Korea and Brazil, establish the cross-border capital flows monitoring earlywarning index system which including indirect investment, direct investment, short debt and othersubsystems as soon as possible. From a long term point of view, we should change economicstructure, speed up the marketization of interest rates and expand the interval flexibility of the RMBexchange rate, meanwhile opening the capital account and maintaining the development of"export,consumption, investment"... |
