国际游资与股市发展

:在开放经济中 ,国际游资的存在及其对股票市场的影响是不可避免的。国际游资活动正反两方面的经济影响 ,客观上要求各国不断强化本国经济系统对国际游资的抵御能力和吸收能力 ,防止在股市上出现“制度”危机和“信心”危机。尤其是新兴市场经济国家要努力避免经济增长受到国际资本流动所产生的不稳定性的影响 ,妥善处理新兴股市规范化、国际化发展与货币资本项目可兑换的关系 ,通过有选择地资本管制政策及各种宏观经济政策的配合达到趋利避害的目的 ,以此实现国际收支平衡基础上宏观经济的稳定发展。与此同时 ,经济全球化需要全球化的管理 ,国际资本流动功效的改进有赖于国际金融体系改革和国际资本市场交易技术创新 ,主要发达国家更应该在国际游资的监控及其国际合作方面作出贡献

International Hot Money and Stock Market Development

International hot money's existence and its influence on stock markets are unavoidable under the opening economy.The positive and impassive influence of international hot money does demand a country to build up the resistence and absorption to international hot money to prevent the system crisis and confidence crisis. The countries with emerging economies prevent particularly from the indefinite influence of international capital flow, make appropriate arrangements of the emerging stock markets standardization and internationalization and currency convertibility under capital account and tend to advantages by the selecting capital control policy and the mixed macroeconomic policy so as to make the stable development of the macroeconomy on the basis of international balance of payment. At the same time, the economic globlization needs the global management ,the improvement of the efficiency of international capital flow is depedent on the reform of international financial system and technique innovations in international capital market,and the chief developed countries should even more contribute to the supervision of international hot money and their cooperation.