CAJ | 학술논문

本文在对近年来美元、欧元、日元、英镑和瑞士法郎国际化进程中资本账户开放概况综述的基础上．重点分析了资本账户开放对货币国际化进程所产生的影响。文章得到了以下几个方面的结论：首先，当前阶段，外国直接投资流入的增加，可以推动货币的国际化。其次，由于金融风险迅速在全球传递，发达国家量化宽松货币政策的执行，越来越多的国家开始实施资本管制以应对跨境资本流入，所以，对外直接投资的流出，不利于货币国际化进程的深入。再次．国外证券组合股权流入的增加．有助于促进投资货币职能的体现，有利于当前货币的国际化。最后。发行国际化货币国家国内的宏观经济环境，包括稳定的经济增长率、以及对国内通货膨胀率的控制都是当前货币国际化进程中资本账户顺利开放的必备条件。
본문재대근년래미원、구원、일원、영방화서사법랑국제화진정중자본장호개방개황종술적기출상．중점분석료자본장호개방대화폐국제화진정소산생적영향。문장득도료이하궤개방면적결론：수선，당전계단，외국직접투자류입적증가，가이추동화폐적국제화。기차，유우금융풍험신속재전구전체，발체국가양화관송화폐정책적집행，월래월다적국가개시실시자본관제이응대과경자본류입，소이，대외직접투자적류출，불리우화폐국제화진정적심입。재차．국외증권조합고권류입적증가．유조우촉진투자화폐직능적체현，유리우당전화폐적국제화。최후。발행국제화화폐국가국내적굉관경제배경，포괄은정적경제증장솔、이급대국내통화팽창솔적공제도시당전화폐국제화진정중자본장호순리개방적필비조건。
Based on the analysis on the process of the capital account liberalization of the U.S. Dollar, Euro, Yen, Sterling and the Swiss Franc in the new century, this paper gives a detailed description on the effects of opening capital account on the internationalization of a currency. The conclusions are as followed. Firstly, at present, it can promote the internationalization of a currency with increasing foreign direct investment. Secondly, for the financial risk and the loose monetary policy, this paper found that more and more countries began to implement capital controls to deal with cross-border flows. So, the outflow of foreign direct investment is not conducive to the process. Thirdly, the inflows of foreign portfolio equity are beneficial to the internationalization. Finally, the domestic macroeconomic environment, including stable GDP and CPI, will be necessary for the capital account opening.