規(guī)范和監(jiān)督私人資本流動(dòng)最近采取的措施[外文翻譯]

1、外文翻譯RecentInitiativetoImprovetheRegulationSupervisionofPrivateFlowsMaterialSource:BISWkingPapersAuth:WilliamRWhiteChangingattitudestointernationalcapitalflowsBefeturningtohowofficialattitudestoprivatecapitalflowshavechan

2、gedovertimeitisusefuljusttolookatthefactsPritoWldWarIcapitalflowswereproptionallyaslargeastodayalthoughthecomplexityvolumeoftheinteractions(gross)wasthenmuchless.Mostoftheflowsintheearlierperiodwereinthefmoflongtermbonds

3、withgovernmentsrailwaysminingothercommodityextractionenterprisesbeingtheprimarybeneficiaries.Sinceinlargepartgovernmentswerebuildinginfrastructureatthetimeitcouldbecontendedthatmostoftheseloanswereinsomewaylinkedtoexptst

4、hemeanstoservicedebt.Neverthelessthereweremanycrisesevenifcrisespost1972havebeenbothmefrequentmesevere.Followingontheeventsofthe1930stherewasacollapseininternationalcapitalflows(aswellastrade)onlyaverygradualrecoveryafte

5、rWldWarII.Beginninginthe1960sconstantlyacceleratingsubsequentlytherehasbeenasharprevivalofinternationalcapitalflowsalthoughtheircompositionnowdiffersmarkedlyfromthatseenpritoWldWarI.Astomaturityloanstendtobeofrathershter

6、duration.Meovertherelianceonbondfinancingislesstodaywithbothpurchasesofequityfeigndirectinvestmentplayingamuchmeimptantrole.Bdo(2000)ribesthischangeinlargeparttomoderncommunicationswhichallowmedirectoversightthereferaise

7、thecomftzoneinsofarasrisktaking(atadistance)isconcerned.Recurrentfeignexchangebankingcriseshavebeenexperiencedinemergingmarketsoverthelasttwodecadeswithnewconcernsaboutmaturitymismatches(asinKeain1997)addingtotraditional

8、creditmarketriskascatalystsfcrises.Officialattitudestointernationalcapitalflowshavealsochangedgreatlyovertheyears.Howeverwhathasnotchangedistheunderlyingrealityofthesocalled“impossibletrinity”.Acountrycannothaveunhampere

9、dinternationalcapitalflowsafixedexchangeratesystemitsownindependentmoarypolicyallattheauthitymustalwayshavesomeviewsastotheimplicationsofexchangeratemovements.Meovernofixisirrevocablesincethedomesticpainimpliedbycurrency

10、boardarrangementsmayproveunbearable.Indeedevencurrencyunions(variantson“dollarisation”)canbeabrogated.Itmustofcoursebereadilyadmittedthatinternationalcapitalflowsalsohavesignificantdownsides.Theycanexacerbatedomesticexce

11、ssesineffectallowingpostponementofneededpoliciestherebydemingstilllargerpolicyadjustmentslater.Meoverthesuddennessofthereversaloftheseflowsmaymakeitallbutimpossibletoavoidthepolicyadjustmentbecomingdisderly.International

12、lyintegratedfinancialmarketsalsomeanthatfinancialmarketsinemergingmarketcountriesarevulnerabletointerestrateincreasesinindustrialcountries.Aswellthereisgrowingevidencethatequitymarketsindevelopingcountriesaremecrelatedwi

13、ththoseofindustrialcountriesthanwouldseemconsistentwiththeunderlyingfundamentals.WhiletheadoptionoffloatingexchangerateregimessignificantlymitigatesthesedangersitbynomeanswhollyeliminatesThem.Inthelightoftheseinsightsrec

14、entpolicyinitiativestoregulatesuperviseprivatecapitalflowshavefocusedonmeanstocurbpossible“excesses”whileessentiallymaintainingmovingcarefullytowardsaregimeoffreecapitalflows.Whileawholehostofbodieshavebeeninvolvedinfmul

15、atingsuchrecommendationsoverthelastfewyearsparticularemphasiswillbeplacedhereonevaluatingrecommendationsmaderecentlyinvariouspaperspublishedbytheFinancialStabilityFum.Inthevarioussectionsthatfollowfoursetsofsuchinitiativ

16、esareconsidered.Thefirstofthesehastodowithtransparency:theneedfbetterdatadisclosureindicatsofvulnerability.Thesecondthirdsetsofrecommendationshavetodowiththebehaviourofcreditsdebtsrespectively.Thefourthpartofthepaperdeal