有些分析人士乐观地认为,资本外流速度将在不远的将来自动放缓下来。野村证券(Nomura)估计,2010年之后进入中国的热钱有很大一部分已撤出了中国。比如,他们提出,中国各银行从国外借入用于国内放贷的贷款余额,已降到了一年前8870亿美元峰值的一半。如果是这样,资本外流可能很快就开始放缓。
The problem, though, is that this all depends on confidence. Even though there are still tough regulatory controls on capital outflows, there has been considerable leakage in the form of illicit flows that appear as “errors and omissions” in the official statistics. According to the IMF, capital outflows are likely to be much larger than inflows when capital controls are eliminated.
不过,问题在于,这一切都取决于信心。即便目前资本外流仍受到严格的监管控制,但非正规资本流动存在相当大的漏洞,这部分流动在官方统计数据中被列为“错误和遗漏”。IMF数据显示,当资本管制被取消后,资本流出很可能远远高于资本流入。
Furthermore, if Chinese citizens lose confidence in the financial system, the capital outflow could become much larger, as firms and households seek ways to avoid currency controls. In many emerging markets, such activities have led to a “sudden stop” in capital availability to the economy during crises.
此外,如果中国公民对国内金融体系失去信心,资本外流可能要比目前大得多,公司和家庭都会想方设法绕过汇率管制。在许多新兴市场,这类活动曾在危机期间导致对国内经济的资本供应“突然中断”。
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2020-09-15
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