资本完全流动

中国的金融部门是很脆弱的&不过这仅仅意味着突击实现资本完全流动是不明智的。

China 's financial sector is fragile - but that simply suggests it would be foolish to rush towards full capital mobility .

考虑小国开放经济体，在资本完全流动条件下，应该实行什么样的货币政策呢？

What monetary policy rules should be implemented in a small open economy under the condition of perfect capital flow ?

固定汇率制度下资本不完全流动时的IS-LM-BP模型与开放经济下的AS-AD模型分析表明，在固定汇率制度下，资本流出对国内货币供应量有紧缩效应，并使价格总水平下降；

Under fixed exchange rate system , when capital can not flow freely , IS-LM-BP model and AS-AD model analysis shows that out-flow of capital has a tightening effect on the domestic money supply , which depresses the price level .

然后又分析更贴近实际的情况，在资本不完全流动情况下资本流动与实际汇率无关的结果。

Discussing the near reality situation imperfect capital mobility , we find that there is no relationship between capital and real exchange rate .

在假定资本是完全流动的情况下，得出了实际汇率与资本流动成正比的结论。

Under the condition of perfect capital mobility , the result of positive relationship between capital flows and the real exchange rate can be gotten .

在资本完全自由流动的假设前提下，通过快速老龄化地区向慢速老龄化地区的资本流动，资本回报可以更缓慢的下降。

Under assumptions of perfect capital mobility , capital flows from those fast ageing areas to those slow ageing areas , capital returns declines more slow .

M&F模型是研究开放经济最重要的工具之一，它建立在严格的假设前提之上，其资本完全自由流动的假设不符合中国经济发展的现实。

MF is the most important model in an open economy , which based on strict assumptions . But some assumptions were not satisfied in developing countries , such as the free flow of capital .

东南亚国家和中国在面对储备流入时采用了保持本国货币政策的独立性和汇率稳定，同时牺牲资本的完全流动性，实行一定程度资本管制的政策组合。

Facing reserve inflows , Southeast Asian countries and China chose a policy combination of maintaining the independence of monetary policy and the stability of exchange rate at the expense of full capital mobility and implementing capital controls to some extent .

同时，我们的研究发现，投资者的套利行为在资本不完全流动的情况下可以通过情绪传导和心理类比来实现。这是对B股开放后，A股和B股市场走势趋同的尝试性解释。

Meanwhile , our study shows that under condition of restriction of capital flow , arbitrage can be realized by emotion conduction and psychological comparison , which is used to explain why after opening of B share to mainland investors , B share and A share become cointegrate .

会议还可以决定怎样对待那些规模大而不会垮掉的金融机构，以及考虑新规则来控制资本流动，因为在国际范围内金融资本完全地自由流动已被证明是造成不稳定的因素之一，必须加以遏制。

It would decide how to treat financial institutions that are too big to fail and it would consider new rules to control capital movements because the total freedom of financial capital to move around freely the world has proved to be a source of instability and needs to be curbed .