CAJ | 학술논문

资本账户开放使资本在国与国之间自由流动，为国际投机资本的流入和流出打开了方便之门，也给发展中国家带来了金融风险。资本账户开放程度越高，金融风险也越大。然而，资本账户所带来的不断增大的金融风险与一国金融制度的不完善，会导致金融危机的爆发。中国的资本账户开放进程中，应加强制度建设以满足中国资本账户开放的长期需要，短期内可以放松对境外投资的管制，减轻资本净流入对人民币汇率和货币供应的压力，化解金融风险。
자본장호개방사자본재국여국지간자유류동，위국제투궤자본적류입화류출타개료방편지문，야급발전중국가대래료금융풍험。자본장호개방정도월고，금융풍험야월대。연이，자본장호소대래적불단증대적금융풍험여일국금융제도적불완선，회도치금융위궤적폭발。중국적자본장호개방진정중，응가강제도건설이만족중국자본장호개방적장기수요，단기내가이방송대경외투자적관제，감경자본정류입대인민폐회솔화화폐공응적압력，화해금융풍험。
Capital account liberalization can make the capital, free-flow between countrie, not only open the door for international speculative capital inflows and outflows, but also bring financial risks to the developing countries. The higher the degree of capital account liberalization, the greater financial risk is. However, the growing financial risks arisen from the capital account and the imperfect of country＇s financial system, will lead to a financial crisis. In China＇s capital account opening process, we should strengthen the system construction to meet the needs of China＇s capital account liberalization in long-term, and relax controls on overseas investment to reduce the pressure brought by net capital inilows to the RMB exchange rate and the money supply in the short term, and reduce financial risks.