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国际货币基金组织(IMF)历来高度关注国际资本流动、资本账户开放及其对全球经济金融稳定的影响。国际金融危机爆发后,国际资本流动形势的深刻变化和新兴市场国家资本管制的成功实践促使其立场发生转变。IMF陆续发布了一系列工作论文,肯定资本管制的作用,并提出资本流动管理的政策框架(CFMs)。对中国的启示是:中国推进资本项目可兑换利大于弊,目标是明确的。资本项目可兑换并不意味着对资本流动没有管理,要科学合理地设计资本流动管理工具,重视相关配套改革。
The International Monetary Fund has traditionally focused on international capital flows, capital account liberalization and its impact on global economic and financial stability. After the outbreak of the international financial crisis, the profound changes in the international capital flows and the successful practice of capital controls in emerging market countries have prompted their positions to change. The IMF has released a series of work papers in succession, affirming the role of capital controls and putting forward a policy framework for capital flows management (CFMs). The enlightenment to China is that the objective of China’s promotion of the convertibility of capital account outweighs its disadvantages. The goal is clear. Convertible capital account does not mean that there is no management of capital flows, scientific and rational design of capital flows management tools, attach importance to the relevant supporting reforms.