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新聞稿

新聞參考資料(中央銀行提供國際金融參考資料三則)

中央銀行新聞參考資料                98年10月8日發布
<網址:http://www.cbc.gov.tw>      

 

中央銀行提供國際金融參考資料三則

1.

翻譯自Joseph Stiglitz接受泰國國家報(The Nation)訪問稿(2009/8/25)。

當心熱錢來的容易,去得也快,靠它帶動經濟強勁成長,可行不通。貴國必須表明立場:歡迎長期投資的資本流入;投機炒作我們沒興趣,而且我們會課徵資本利得稅。貴國必須體認到熱錢非常危險,千萬要記取1997年的教訓。唯有能夠增進經濟生產力的資本流入,才值得讓它進來。

2.

翻譯自聯合國「Trade and Development Report 2009」概論(UNCTAD, 2009/9/7)。

新興市場經濟體的經驗證明:資本管制並非無效或有害;不同類型的資本流動,可藉由不同的工具加以有效限制。這些工具包括:全面禁止、規定資金必須停留之最短期間、法定準備率,以及對境外貸款課稅以抵銷利差。也可將數項工具綜合起來,靈活運用,以符合各國之特殊需要。通常,針對民間資本流動而實施的工具,可與審慎的國內金融監理適當連結或互補。至於資本帳則可採取逆循環(counter-cyclical)的方式來管理:景氣好時,限制國外負債過度積累;發生危機時,抑止資金外逃。總之,若各國不再視大量、急速的資本流入為經濟強勁的徵兆,而察覺它可能導致失衡(disequilibrium),嚴重衝擊總體經濟穩定及貿易,這就是一種進步。因此,國際貨幣基金基於其監理職責,應依據「國際貨幣基金組織協定」(Articles of Agreement),積極鼓勵各國在必要時採取資本管制。

3.

摘譯自G7公報( 2009/10/3)

匯率過度波動與失序變化,會對經濟金融穩定造成負面的影響。

 

 

 

 

 1.

Joseph Stiglitz-- The Nation, August 25, 2009

Be careful. You may be getting the easy money, but it's overnight money. You don't build robust growth based on easy money. You have to say, if they come in for a longer-haul investment, that is great. But for speculation, well, it's not interesting. We'll tax you. We'll tax you with capital gains. You have to recognise how dangerous hot money can be; you really have to remember the lesson of 97. It's worth it for the money to come in only if it improves the productivity of the economy.

2.

Trade and Development Report 2009, United Nations

 

Assertions that capital controls are ineffective or harmful have been disproved by the actual experiences of emerging-market economies. These experiences show that different types of capital flows can be limited effectively by a variety of instruments. These instruments range from outright bans or minimum-stay requirements to tax-based instruments like mandatory reserve requirements or taxes on foreign loans that are designed to offset interest rate differentials. Several instruments can be combined and flexibly handled to match specific local requirements. In many cases, instruments directly targeting private capital flows may be appropriately combined with and complemented by prudential domestic financial regulations. The capital

account can also be managed in a countercyclical manner, by restricting the build-up of excessive foreign liabilities in good times and restraining capital flight during crises. In any case, it would certainly be a step forward if surging capital inflows were no longer perceived as a sign of strength, but as a potential source of disequilibrium, with grave repercussions for macroeconomic stability and trade. Thus, in pursuing its

surveillance function, the IMF should more actively encourage countries to use, whenever necessary, the introduction of capital controls as provided for in its Articles of Agreement.

3.

“G-7 Finance Minister, Central Banker Istanbul Statement” --2009/10/3

 

“Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.”