国际投机资本

国际投机资本冲击风险预警指标体系的构建

Index System of Risk Prediction System of International Speculative Capital

说到国际投机资本，不能不对投机的定义做一个详细的阐释。

Respecting international speculative capital , I must illuminate the definition of speculation .

国际投机资本的冲击并不是发生金融危机的根本原因，但是国际投机资本的投机行为是引发金融危机的重要原因。

International speculative capital is not the fundamental reason , but a important inducement .

第四部分对国际投机资本监管的国际协调与合作进行分析论述。

The fourth part discusses international cooperation of the supervision of international speculative capital .

第三部分论述了国际投机资本的国家监管。

The third part gives a statement to the national supervision of international speculative capital .

第四章则探讨对于国际投机资本的引导和控制。

The four chapter will discuss how to guide and control the international speculative capital .

国际投机资本的来源所有四个方面：私人资本、对冲基金、银行资金、国际黑钱。

International speculative capital originate from : private capital , hedge fund , bank , international black money .

研究结果表明：国际投机资本对我国资本市场和实体经济的影响为正。

The results show that our capital market and real economy are positively correlated with international speculative capital .

在金融危机中，国际投机资本不仅仅运用各种金融工具，还充分利用中央银行的防御手段，进行全方位的投机。我以对泰国泰铢的投机冲击为例进行了分析。

In crises international speculative capital use not only financial instruments , but defensive measure of central banks .

然后用年度数据分析国际投机资本流入与贸易顺差之间的关系。

Then I use annual data to analyze the relationship between international speculative capital inflows and the trade surplus .

本部分阐述了发达国家与发展中国家由于所处的经济发展水平及国家经济利益的不同，在对待国际投机资本的态度及监管措施上存在的差异。

Because developing countries and developed countries have different interests and economic level , different attitudes and supervision systems exist .

在引入的过程中我们必须注意以下几个问题：防范国际投机资本冲击；

Several issues should be noted during the introduction as follows : to protect against assault of international speculative capital ;

主要先进国家的经验表明，通过国际投机资本预期这一渠道，资本项目管制能深刻影响浮动汇率运行。

Experience of advanced countries shows , capital control influences operation of floating exchange rate regime through the expectation of speculative capital .

可见，当国际投机资本流动的规模过大时，会增加一国市场的波动性和不确定因素。

Thus when the scale of international speculative capital flows is too large , volatility and uncertainties will increase in the domestic market .

汇率稳定政策的时间不一致性是导致国际投机资本冲击汇率的根本原因。

Inconsistence in time of a stabilized exchange - rate policy is the root cause of exchange - rate assaulted by international speculative capitals .

该部分首先对国际投机资本的概念进行比较分析，其次对它的产生、发展及特征进行概括，最后对国际投机资本的利弊进行分析探讨。

This part comparatively analyses the different concepts of international speculative capital , summarizes its history and features , investigates its advantages and disadvantages .

即使经济基本面良好，在国际投机资本的冲击之下和金融危机的传染效应之下，也有可能发生自发型危机。

On the raid of international speculative capital and financial crises ' contagious effect , a country with a healthy economy can occur spontaneous crises .

在引致型危机和选择型危机中，国际投机资本往往能够首先发现危机的征兆，并且率先向该国货币发起冲击，引发一场金融动荡。

In inducible-crises and selective-crises , international speculative capital often first found the omen of crises , and raid the currency , starting a financial turbulence .

本文的创新之处就在于通过法学的角度研究国际投机资本监管这个经济学热点问题，强调完善的法律监管制度在防范国际投机资本冲击中发挥的重要作用。

The innovation of this article is researching the supervision of international speculative capital from a legal point of view , emphasizing the importance of legal system .

实践中，钉住汇率制容易受到国际投机资本的冲击，所以发展中国家适宜采用有管理的浮动汇率制。

In practice , peg exchange rate would be attacked by international speculating capital easily , so , it is suitable for the developing countries to adopt floating exchange rate .

配合利率、汇率的适时变动，锁定国际投机资本，使资本市场与外汇市场通过现货对冲的方式阻止套利行为的发生。

Policy of government adequated to wave with the interest rate , rate of exchange , target the international speculation capital , so it will obstructs the capital market was operated with foreign exchange market to arbitrage .

第二部分主要是对国际投机资本监管的历史演进过程进行总结分析，以期对当前投机资本法律监管制度的完善有所启发。

The second part analyses the history of the supervision of international speculative capital . In this part , different types of the supervision of international speculative capital in different period are concluded to enlighten current system .

可考虑利用税收手段、汇率安排、外汇外债管理等政策和措施加强对国际投机资本的监管。

Supervision of international speculative capital must be strengthened . In practice , policies and measures such as taxation , arrangement of exchange rate and management of foreign exchange , foreign debt can be taken into consideration .

然而，稳定而有效的区域汇率协调机制有利于东亚各经济体之间货币的汇率稳定，有利于避免各经济体之间的竞争性贬值，有利于抵御国际投机资本的残酷冲击等。

However , stable and effective regional exchange rate coordination mechanism which can help to stable currency exchange rate and avoid competitive devaluation among the East Asia economies , even resist the brutal impact of international speculative capital .

具有高风险性、投机性和超短期性的国际投机资本，近些年在我国大规模频繁流动和炒作，给我国的金融市场与实体经济正常运行带来不利的影响并引致一定的金融风险。

The high-risk , speculative and ultra-short term international speculative capital which flows largely and frequently in China during recent years has made adverse impact on both financial markets and the real economy of the country , also incurs certain financial risks .

这个过程中，为了有效抵御国际投机资本冲击，中国应采用由公开宣布的管理浮动汇率制度、着眼于汇率稳定的频繁外汇市场干预、规模较大的外汇储备组合而成的三位一体政策组合；

In the gradual process of the reform of RMB exchange rate , a series of policies , including the managed floating system claimed publicly , frequent intervention in foreign exchange market , relatively high level international reserves , should be taken to resist international speculative capital ;

受世界石油需求增加，原油库存减少与欧佩克（石油输出国组织）限产保价、美元贬值、产油国政局紧张和国际投机资本等多方面因素的影响，目前世界油价不断走高。

Influenced by many facts of a surge in the world 's petroleum demand , low oil inventories , OPEC in adhering to production cutbacks , dollar devaluation , the political unrest in petroleum producing countries , and the international risk capital , the oil price is climbing up continuously .

磷矿作为难以再生的非金属矿资源和重要生命元素之一，尤其受到各国政府以及国际资源投机资本的关注。

Phosphate ore has drawn great attention from governments and international resource capital because it is a kind of non-renewable resource and is also one of most significant elements needed by all life .

国际热钱是短期投机资本，具有逐利性、投机性、流动性极强的特点。

Hot money is short-term speculative capital , profit-driven , strongly liquid .

而矛盾的核心突出表现在国际资本流动特别是国际投机资本对一国货币、汇率制度的冲击问题。

Heart of the contradiction is shown as the attack of international capital flow to a country 's monetary and exchange rate regime .