规范和监督私人资本流动最近采取的措施外文翻译.docVIP

外文翻译 Recent Initiative to Improve the Regulation and Supervision of Private Flows Material Source:BIS Working Papers Author:William R White Changing attitudes to international capital flows Before turning to how official attitudes to private capital flows have changed over time, it is useful just to look at the facts Prior to World War I net capital flows were proportionally as large as today although the complexity and volume of the interactions (gross) was then much less. Most of the flows in the earlier period were in the form of long-term bonds, with governments, railways, mining and other commodity extraction enterprises being the primary beneficiaries. Since in large part governments were building infrastructure at the time, it could be contended that most of these loans were in some way linked to exports and the means to service debt.Nevertheless, there were many crises even if crises post-1972 have been both more frequent and more severe. Following on the events of the 1930s, there was a collapse in international capital flows (as well as trade) and only a very gradual recovery after World War II. Beginning in the 1960s, and constantly accelerating subsequently, there has been a sharp revival of international capital flows although their composition now differs markedly from that seen prior to World War I. As to maturity, loans tend to be of rather shorter duration.Moreover, the reliance on bond financing is less today, with both purchases of equity and foreign direct investment playing a much more important role. Bordo (2000) ascribes this change in large part to modern communications, which allow more direct oversight and therefore raise the comfort zone insofar as risk-taking (at a distance) is concerned. Recurrent foreign exchange and banking crises have been experienced in emerging markets over the last two decades,with new concerns about maturity mismatches (as in Korea in 1997) adding to traditional credit and market risk as catalysts for