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笔者从博弈论角度讨论单边资本市场情形,以演化博弈的复制动态方程探究资本市场单边开放。结果显示,开放国单边开放资本市场收到收益高于不开放情况下的收益,而进入国进入资本开放国所获得益高于成本。因此,开放国应完善国内资本市场体系,防范游资、热钱涌入,降低因开放资本市场而遭受的损失,同时注意进入国资本进入所获得益调节。总之,单边开放资本市场时,应鼓励长期资本,逐渐放开对短期资本限制,强化外资金融机构监控。
The author discusses the situation of unilateral capital market from the perspective of game theory and explores the unilateral opening of capital market with the replicating dynamic equation of evolutionary game. The result shows that the unilateral open capital market in the open country receives more revenue than the unopened one, while the entry country enters the capital open country and gains more than the cost. Therefore, the open country should improve its domestic capital market system to prevent the inflow of hot money and hot money, reduce the losses suffered as a result of the liberalization of the capital market, and pay attention to the benefit adjustment brought by the entry of capital into the country. In short, in unilateral opening up of the capital market, long-term capital should be encouraged, the restrictions on short-term capital gradually liberalized, and the monitoring of foreign-funded financial institutions strengthened.