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首页> 外文期刊>Journal of world trade >Financial Liberalization and Regulation in East Asia: Lessons from Financial Crises and the Chinese Experience of Controlled Liberalization
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Financial Liberalization and Regulation in East Asia: Lessons from Financial Crises and the Chinese Experience of Controlled Liberalization

机译：东亚金融自由化与监管：金融危机的经验教训和中国受控自由化的经验

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摘要

This article studies the experiences of East Asian countries in conducting financial liberalization. Financial liberalization has two components, which are capital account liberalization and financial services liberalization. It is important to stress that the two components should not be confused, so are their respective consequences on a country's economic growth and financial stability. Both the theoretical and empirical studies have established that premature capital account liberalization was the direct cause of various financial crises, including the 1997—1998 Asian crisis. It is highly advisable that countries delay capital account liberalization or maintain capital controls before they put into place effective domestic regulatory framework and financial infrastructure. Based on the experiences of Malaysia and China in managing the Asian crisis, the article argues that, in addition to having appropriately sequenced, gradualist reforms on capital account liberalization, a country should keep certain regulatory space for itself and maintain independently the financial policy-making power.
机译：本文研究了东亚国家进行金融自由化的经验。金融自由化有两个组成部分，即资本账户自由化和金融服务自由化。必须强调的是，不应混淆这两个组成部分，它们对一个国家的经济增长和金融稳定的影响也应混淆。理论和实证研究都证明，过早的资本账户自由化是包括1997-1998年亚洲金融危机在内的各种金融危机的直接原因。强烈建议各国在建立有效的国内监管框架和金融基础设施之前推迟资本账户自由化或维持资本管制。根据马来西亚和中国在管理亚洲危机方面的经验，文章认为，除了对资本账户自由化进行适当顺序，渐进的改革之外，一个国家还应为其自身保留一定的监管空间并独立维护金融政策制定功率。

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