bystander
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加入时间: 2004/02/14
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作者：bystander 在 罕见奇谈 发贴, 来自 http://www.hjclub.org
crises of the past couple of decades (the Mexican crisis, the Asian contagion, Russia and most recently, Argentina) followed almost exactly the same pattern:
1. a new emerging economy wants to attract foreign capital to speed up domestic development;
2. the influx of foreign capital drives up asset prices, giving rise to speculative asset bubbles;
3. the asset bubbles keep inflating until they are completely out of sync with the fundamentals; and finally
4. the bubbles bust as a result of massive exodus of foreign capital
With the benefit of hindsight, it is evident that rampant speculative activities of the hedge funds and a lack of capital control on the part of the emerging economies are the underlying causes of such woes.
As far as “globalization” is concerned, international trade (the flow of goods) might well benefit all countries involved, but the international flow of capital is a rather different story.
The Chinese government should proceed very cautiously with its financial reforms instead of embracing the “laissez faire” doctrine unreservedly.
作者：bystander 在 罕见奇谈 发贴, 来自 http://www.hjclub.org |
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也谈儒家思想和亚洲价值
