国际资本流动对我国货币政策的影响研究-国际贸易学专业论文.docxVIP

国际 国际资本流动对我国货币政策的影响研究 THE RESEARCH ON INFLUENCE OF INTERNATIONAL CAPITAL FLOWS TO MONETARY POLICY IN OUR COUNTRY ABSTRACT Speeding up along with the economic globalization and the financial liberalization advancement, the international capital movement scale enlarged unceasingly, which promotes our country economic development and also brings some negative effects. On the one hand, the international capital massive inflows cause our country foreign exchange reserve to growth rapidly; the Central Bank purchased the foreign exchange in the foreign exchange market to delivery massive foundation currency,which caused the currency supply capacity to expand rapidly. On the other hand, international capital inflow changed the money supply mechanism, the Central Bank monetary policy operation difficulty has enlarged,and the monetary policy validity has reduced,which affects our country monetary policy seriously. Under the current situation,how to deal with the influence of the international capital movement,which to guarantee our country monetary policy validity has the profound theory significance and the practical significance. The article firstly from inflow and outflow of the international capital and various accounts of the international balance of payment to analyze the present situation of international capital flows in our country.The international capital inflow in our country is mostly the FDI,and the foreign loan growth are moderate, but the securities investment are relatively few.The scale of capital outflow are quite small.Since the 1990s,the situation presented international capital net inflow in our country, in addition to in 1998 which showed a net outflow of capital because of the Southeast financial crisis. The international capital flowed in massively, which caused theforeign currencies increase through theforeign exchange reserves, subsequently caused themoney supply increase. Th The international capital flowed in massively, which