Capital account liberalization is desirable in the long run but is associated with considerable risk in the process, particularly if macroeconomic policies are not sound and financial supervision and regulation is weak. While sequencing of the opening of the capital account is often recommended, there is no single formula for this process, just as there is no simple rule for the use of capital controls. "Compatible opening" where the progress of domestic reforms coincides with that of market liberalization is also analtemative. Both "sequencing" and "compatible opening" can, if handled properly, be geared toward the specific circumstances of financial development in individual countries. Many factors related to an individual country's stage of development andcurrent level of involvement in global capital markets need to be considered in setting realistic goals and objectives in this area.

熱心網(wǎng)友

從長遠來看，資本帳戶的自由化是值得去做的一件事，但其中蘊涵著相當?shù)娘L險，特別是在宏觀經(jīng)濟政策不健全、金融監(jiān)管效果甚微的情況下。盡管人們建議對開放資本帳戶進行排序，但就如同不存在資本控制使用行為簡便易行的規(guī)則一樣，如何進行操作卻并無定法。對于國內(nèi)改革與其市場自由化恰巧同步的國家來說，”兼容性開放”也是一種選擇。如果處理得當，不論排序法還是兼容性開放都能夠與各個國家的特定金融發(fā)展環(huán)境相適應(yīng)。在確定這個領(lǐng)域中的現(xiàn)實目標的過程中，許多與一國經(jīng)濟發(fā)展階段和目前的國際資本市場參與度相關(guān)的因素都需要加以考慮。

熱心網(wǎng)友

譯的很棒！很地道。