资本账户开放和金融自由化的法律思考——来自金融危机的启示和东亚的经验
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上海财经大学学报 2006 年 第 08 卷第 06 期, 页码：36 - 43
摘要
参考文献
摘要
本文以东亚国家(包括中国)的金融自由化的经验,阐述金融自由化的法律和产业政策之间微妙而复杂的关系。在东亚发展中国家建立起有效的国内监管体系和基本金融制度以前,不应该完全开放资本账户。但是,经过辨析金融服务自由化和资本账户自由化的关系,本文指出,根据《服务贸易总协定》所列出的服务范式,金融服务贸易并不必然涉及大规模的国际资本流动,因此对金融服务业开放应持积极态度。虽然如此,新加坡的例子说明,“知所进退”地处理好民族金融产业保护问题对政府是个虽难但依然可以处理好的挑战。
①M Kono&L Schuknecht,“Financial Services Trade,Capital Flows and Financial Stability”(Staff WorkingPaper ERAD-98-12 WTO November 1998),p.1.
②见Andreas Lowenfeld,International Economic Law(Oxford University Press 2002),pp.15~17.又见“中国国际收支平衡表—2005年”,国家外汇管理局网站http://www.safe.gov.cn。
③A Ariyoshi,‘Capital Controls:Country Experiences with Their Use and Liberalization’Occasional PaperNo.190 International Monetary Fund 2000),p.6.
④B Eichengreen et al,“Capital Account Liberalization:Theoretical and Practical Aspects”(Occasional Paper172 IMF 1998)(Washington DC:the International Monetary Fund).
⑤⑥⑦GATS,Article I,para 2;GATS,footnote 8.
⑧10112○3 J Williamson,“Whether and When to Liberalize Capital Account and Financial Services”(StaffWorking Paper ERAD-99-03 WTO September 1999),pp.5~6,p.11,p.15,p.7.
⑨Asian Development Bank(ADB),Asian Development Outlook 1998(ADB Manila 1998),p.33.
1○1 B Eichengreen et a,l‘Capital Account Liberalization:Theoretical and Practical Aspects’(Occasional Paper172 IMF 1998)(Washington DC:the International Monetary Fund),p.13,p.14,p.10.
1213142○1 A Ariyoshi,“Capital Controls:Country Experiences with Their Use and Liberalization”(OccasionalPaper 190 IMF 2000),p.5,p.94,pp.95~96.p.93
1○5 E Kaplan and D Rodrik,“Did the Malaysia Capital Control Work?”(Working Paper 8142 National Bureauof Economic Research 2001 available online at〈http://www.nber.org/papers/w8142〉),p.9.
161718192○0 N.Lardy,China’s Unfinished Economic Revolution(Brookings Institution Press WashingtonD.C.1998)p.194,p.195,pp.198~199.
2○2 A Feltenstein and SM Nsouli,“‘Big Bang’Versus Gradualism in Economic Reforms:An Intertemporal A-nalysis with an Application to China”(Working Paper No.WP/01/98 IMF August 2001),pp.3~4.
24见中国银行业监督管理委员会主席刘明康的讲话,2005年12月5日,网址:http://www.china.com.cn/ch-xinwen/content/news4771.htm(最后访问于2006年8月15日)。
2○5 J R.McCulloch,The Works of David Reicardo(Lawbook Exchange New Jersey 2000),pp.75~76.
26“A Leading Financial Centre”,background information by the Singapore Economic Development Board〈ht-tp://www.sedb.com/edbcorp/sg/en_uk/index/why_singapore/leading_financial.html〉(17 November2006).
272○8 Lee Kuan Yew,From Third World to First.The Singapore Story:1965~2000(Times Media and TheStraits Times Press Singapore 2000),p.19.
2○9 Kenneth Tan Wee Kheng,Development in Singapore Law between 1996 and 2000(Sweet&Maxwell AsiaSingapore 2001),p.103.
②见Andreas Lowenfeld,International Economic Law(Oxford University Press 2002),pp.15~17.又见“中国国际收支平衡表—2005年”,国家外汇管理局网站http://www.safe.gov.cn。
③A Ariyoshi,‘Capital Controls:Country Experiences with Their Use and Liberalization’Occasional PaperNo.190 International Monetary Fund 2000),p.6.
④B Eichengreen et al,“Capital Account Liberalization:Theoretical and Practical Aspects”(Occasional Paper172 IMF 1998)(Washington DC:the International Monetary Fund).
⑤⑥⑦GATS,Article I,para 2;GATS,footnote 8.
⑧10112○3 J Williamson,“Whether and When to Liberalize Capital Account and Financial Services”(StaffWorking Paper ERAD-99-03 WTO September 1999),pp.5~6,p.11,p.15,p.7.
⑨Asian Development Bank(ADB),Asian Development Outlook 1998(ADB Manila 1998),p.33.
1○1 B Eichengreen et a,l‘Capital Account Liberalization:Theoretical and Practical Aspects’(Occasional Paper172 IMF 1998)(Washington DC:the International Monetary Fund),p.13,p.14,p.10.
1213142○1 A Ariyoshi,“Capital Controls:Country Experiences with Their Use and Liberalization”(OccasionalPaper 190 IMF 2000),p.5,p.94,pp.95~96.p.93
1○5 E Kaplan and D Rodrik,“Did the Malaysia Capital Control Work?”(Working Paper 8142 National Bureauof Economic Research 2001 available online at〈http://www.nber.org/papers/w8142〉),p.9.
161718192○0 N.Lardy,China’s Unfinished Economic Revolution(Brookings Institution Press WashingtonD.C.1998)p.194,p.195,pp.198~199.
2○2 A Feltenstein and SM Nsouli,“‘Big Bang’Versus Gradualism in Economic Reforms:An Intertemporal A-nalysis with an Application to China”(Working Paper No.WP/01/98 IMF August 2001),pp.3~4.
24见中国银行业监督管理委员会主席刘明康的讲话,2005年12月5日,网址:http://www.china.com.cn/ch-xinwen/content/news4771.htm(最后访问于2006年8月15日)。
2○5 J R.McCulloch,The Works of David Reicardo(Lawbook Exchange New Jersey 2000),pp.75~76.
26“A Leading Financial Centre”,background information by the Singapore Economic Development Board〈ht-tp://www.sedb.com/edbcorp/sg/en_uk/index/why_singapore/leading_financial.html〉(17 November2006).
272○8 Lee Kuan Yew,From Third World to First.The Singapore Story:1965~2000(Times Media and TheStraits Times Press Singapore 2000),p.19.
2○9 Kenneth Tan Wee Kheng,Development in Singapore Law between 1996 and 2000(Sweet&Maxwell AsiaSingapore 2001),p.103.
引用本文
王江雨. 资本账户开放和金融自由化的法律思考——来自金融危机的启示和东亚的经验[J]. 上海财经大学学报, 2006, 8(6): 36–43.
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