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违规资本的流动具有在高度盈利动机驱动下的极不稳定性，只要国内、外金融市场变化或汇率、利率出现套利机会，投机资本就会活跃起来。许多发展中国家因为在市场条件不具备的情况下过早开放资本项下的可兑换，大大吃了苦头，９４年底墨西哥证券市场上大量外资抽逃以及９７年春?
The flow of non-compliant capital has the extreme instability driven by a high degree of profit motivation. As long as the domestic and foreign financial markets change or arbitrage opportunities exist for exchange rates and interest rates, speculative capital will be activated. Many developing countries have suffered greatly because of the premature opening of the convertibility under capital conditions where market conditions do not exist. At the end of 1994, a large number of foreign funds fleeing in the Mexican stock market and the spring of 97?