日韩俄三国货币自由化进程实证分析（An empirical analysis of the process of monetary liberalization in Japan, Korea and Russia）.doc

日韩俄三国货币自由化进程实证分析（An empirical analysis of the process of monetary liberalization in Japan, Korea and Russia） Journal of Guangdong University of Business [original place name] Guangzhou [original] Magazine issue 200201 [classification number] F62 [classification] finance and insurance [200205] copy number [title] empirical analysis of the process of monetary liberalization in Japan, Korea and Russia [author] Su Liangyu [author] Su Liangyu, peoples Bank of China, Guangzhou branch [Abstract] International Finance [text] In recent years, along with the American economist R.I. Mackinnons financial repression theory and E.S. Xiao financial deepening theory published, they proposed backward financial conditions will seriously hinder the economic development of developing countries, the development of this view and mandatory government repression and also hindered the financial industry is widely accepted, many countries began to reform the interest rate and the exchange rate mechanism, especially in foreign economic exchanges, relax or even give up the management of foreign exchange flows from the current account to the capital account, which is to promote the so-called currency liberalization process. However, the flow of huge capital is a double-edged sword. It provides a great deal of capital for the national economic construction, and it also lays a foreshadowing for the outbreak of the financial crisis. In view of the financial crisis in Mexico and the outbreak of the Southeast Asian financial crisis, there are many reasons for the improper reform of currency exchange regulation. Therefore, the free convertibility of the currency key management success or failure of the reform is: the government adopt open mode can effectively reduce the system caused by changes in the balance of payments impact on what kind of economic conditions, not only can fully achieve the purpose of attracting foreign capital, and will not lead to serious payment crisis. Here, the author select