CAJ | 학술논문

本文对人民币资本账户管制的政策强度和有效性进行实证评测,以综合评价当前人民币资本账户的实际开放状况。结果显示,我国资本账户的实际开放水平较高,管制政策在限制资本交易和流动方面的强度有所下降,但仍能有效发挥宏观稳定功能。结果的时变特征显示出,政府在资本管制领域更重视政策的宏观调控作用,选择更市场化的方式对待资本流动规模的变化,这有利于加快资本账户开放的改革进程。
본문대인민폐자본장호관제적정책강도화유효성진행실증평측,이종합평개당전인민폐자본장호적실제개방상황。결과현시,아국자본장호적실제개방수평교고,관제정책재한제자본교역화류동방면적강도유소하강,단잉능유효발휘굉관은정공능。결과적시변특정현시출,정부재자본관제영역경중시정책적굉관조공작용,선택경시장화적방식대대자본류동규모적변화,저유리우가쾌자본장호개방적개혁진정。
This paper evaluates RMB capital account＇s actual opening condition currently, by doing the empirical research on the strength and effectiveness of control policies. Result shows that the opening level of capital account is actual high, and the strength of control policies has come down, which is restricting flows of capital transactiom. But the policies is still help for stabling the macro- economics. The timetemporal of results suggest, the Government pay more attention to the macrocontrol in the police＇s field of capital controls, and choose the more marketoriented approach to manage the capital flows, which will help accelerate the reform process of capital account liberalization.