CAJ | 학술논문

国际金融危机后，新兴市场经济体面临又一轮资本大规模流入。本文简要回顾了IMF对资本管制态度的转变历程，介绍了IMF最近提出的关于管理资本流入的政策框架的背景、主要内容并对其进行了点评。在此基础上，文章提出了对我国管理跨境资金流入的几点启示：综合采取各种措施积极应对资金流入；合理运用资本管制措施，兼顾资本流入收益、风险与管制成本：加快推进国内金融市场结构性改革。增强对跨境资金的吸收能力。加强本外币监管政策协调：加强对资金流出国的政策约束，实现跨境资金有序流动：加强新兴市场国家之间的政策协调和信息共享。
국제금융위궤후，신흥시장경제체면림우일륜자본대규모류입。본문간요회고료IMF대자본관제태도적전변역정，개소료IMF최근제출적관우관리자본류입적정책광가적배경、주요내용병대기진행료점평。재차기출상，문장제출료대아국관리과경자금류입적궤점계시：종합채취각충조시적겁응대자금류입；합리운용자본관제조시，겸고자본류입수익、풍험여관제성본：가쾌추진국내금융시장결구성개혁。증강대과경자금적흡수능력。가강본외폐감관정책협조：가강대자금류출국적정책약속，실현과경자금유서류동：가강신흥시장국가지간적정책협조화신식공향。
In the wake of the financial crisis, the emerging market economies are experiencing another round of capital inflow surges. This paper briefly reviews the history of IMF＇ s position on capital controls and analyzes the recently proposed framework on how to manage capital inflow for EM economies. Drawing on the IMF framework, the author provides insights on how China may best manage its capital izfflow, including taking a combination of measures as opposed to one measure at a time, performing cost-and-benefit analyses on capital controls, stepping up domestic financial market＇ s structural reform, coordinating regulatory policies on the management of domestic and foreign currencies, strengthening policy constraints on countries with capital outflow and enhancing coordinated policies and information exchange among EM countries.