【摘要】 现有文献提出的资本账户开放所必要的条件大多是强调资本账户开放之前经济运行应该是稳健的,而忽视了资本账户开放对经济运行的影响。因此,这种分析范式存在很强的误导性,不利于人们正确认识资本账户开放的风险和应该具备的条件。文章强调了资本账户开放对经济运行的影响,并在此基础上提出了国际收支结构可维持性是资本账户开放的核心条件。更多还原

【Abstract】 Whether capital account convertibility (CAC) is successful or not does not depend on what has been done before CAC, but what will be done after CAC. Current literatures on the necessary conditions for CAC always emphasize that economy should be healthy before CAC, but neglect the dynamic impacts which CAC will have on economy. So, this paradigm is misleading, and is inadequate for people to realize the risks of CAC and its necessary conditions. The paper emphasizes the impact of CAC on economic operation, on which basis it points out that the sustainability of structure of balance of payments is the core condition for CAC.更多还原