巴西、泰国和韩国等经济体都尝试过借助税收、监管以及其他手段限制跨境资本流动。巴西驻IMF代表认为,IMF仍过于谨慎,仍将资本管制视为万不得已的手段、而不是政策工具箱的标配之一。巴西曾对美国超宽松货币政策促使热钱流入巴西资产市场提出强烈批评。
The fund paper said that while the free movement of capital was generally beneficial, it could destabilise economies whose financial systems were insufficiently developed. “Liberalisation needs to be well planned, timed and sequenced in order to ensure that its benefits outweigh the costs, the study said. “There is?.?.?.?no presumption that full liberalisation is an appropriate goal for all countries at all times.
上述报告指出,资本自由流动通常来说是有益的,但在金融体系尚未发展完备的国家,这种流动可能会破坏经济稳定。报告称:“放开管制需要周密布局、谨慎择时、循序渐进,以确保其收益大于成本。我们不应假定,放开管制对于任何国家在任何时点都是合适的政策目标。
The IMF continued to argue that direct capital controls were not a substitute for macroeconomic responses to rapid inflows, including tightening fiscal policy, cutting interest rates and letting the exchange rate rise.
IMF的报告还指出,直接资本管制不能替代针对资本快速涌入的宏观经济对策,例如收紧财政政策、降息以及允许本币汇率走高。
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