资本项目可兑换的国别比较（Country specific comparison of capital account convertibility）.doc

资本项目可兑换的国别比较（Country specific comparison of capital account convertibility） Country specific comparison of capital account convertibility Author: Zhang Jianhua Japan, South Korea, Russia, respectively, in 1984, 1993 and 2006 announced the realization of convertible capital accounts. Among them, Japan, South Korea and China belong to East Asia, and there are some similarities in the mode of economic development. Russia and China belong to the transition countries, and they face some similar problems in the process of reform. This paper analyzes the practice of promoting capital account convertibility in Japan, Korea and Russia, and compares it with the current situation in China, which will be of reference significance for China to promote capital account convertibility. Comparison of the conditions for the convertibility of capital account There is no definite conclusion about the precondition of realizing the convertibility of capital account. The most common view is that the realization of convertible capital should meet four major requirements: a stable macroeconomic environment, sound financial regulation, adequate foreign exchange reserves and sound financial institutions. There is also a point of view, in addition, we need to consider the exchange rate and interest rate formation mechanism and external economic environment of these two conditions. Because of the effective exchange rate and interest rate formation mechanism and good external economic environment, it is helpful to guard against all kinds of potential risks and promote the convertibility of capital account. In order to meet the needs of the implementation of a comprehensive analysis of capital account convertibility conditions, this paper from the macroeconomic environment, financial supervision, financial institutions, foreign exchange reserves, exchange rate and interest rate formation mechanism and the external economic environment of the six aspects of comparative analysis of China and Japan