论文标题:金融全球化进程中国际资本流动利益的分配
Distribution of the International Capital Flow Benefits in the Course of Financial Globalization
论文作者
论文导师 项卫星,论文学位 博士,论文专业 世界经济
论文单位 吉林大学,点击次数 93,论文页数 212页File Size1519K
2007-04-01论文网 http://www.lw23.com/lunwen_500295227/
financial globalization;international capital flows ;benefits;distribution
国际资本流动的过程是利益产生和分配的过程。在金融全球化进程中,国际资本流动利益的分配是在主要作为投资国的发达国家和主要作为东道国的发展中国家之间进行的。本文在对金融全球化的涵义、发展过程以及主要表现形式等进行概述的基础上,分析了国际资本流动的动因与特征。然后分别考察和分析了国际直接投资、国际证券投资和国际借贷等三种形态的资本在跨国流动过程中所产生的利益、投资的成本或危机中的损失以及利益分配的状况。通过研究得出结论:在金融全球化进程中,不同形态的国际资本流动所产生的利益在发达国家与发展中国家之间的分配是不同的;总体来看,发达国家获得了大部分的利益,而发展中国家则承担了大部分的损失。本文继而对国际资本流动利益分配现状所形成的原因进行了深入分析,提出这一状况的形成既有历史的原因,也有现实的因素,其中发达国家的政策主导及其跨国企业的垄断经营起了主要作用。本文最后提出,发展中国家改善境况、提高地位的现实出路在于调整经济发展战略、加强南南合作、促进国际货币体系改革。
Since 1980s, the step of financial globalization, trends promoted by countries, international organizations, multinational corporations, multinational banks and institutional investors has gone fast. The main character and form of financial globalization is international capital flows. The global-based production and trade conducted by multinational corporations, the trend of financial liberation and advance of information technology supplied power and basic condition for international capital flows. In the process of financial globalization, international capital flows increased rapidly in respect of contents, structure, volume and speed. As international capital flows can bring much return to investor/home country and necessary resources to borrower/host country i.e. bring benefits to both party, the process of international capital flows is also the process of production and distribution of benefits. In the process of international capital flows, the distribution of benefits is effected between developed countries (that mainly as home countries) and developing countries (that mainly as host countries). The distributions of benefits respectively produced in Foreign Direct Investment (FDI), International Portfolio Investments and International Loan are different The benefits produced in FDI include not only measurable indexes, such as invest profits, GNP, volume of foreign trade and employments, but also measureless yet significant indexes, such as optimization of industry structure, technology advancement and system reform. The distribution of benefits between developed countries and developing countries mainly use measureless indexes. In FDI, multinational corporations obtained nature resources, cheaper labors and vide markets while developing countries obtained capital, technology, equipments and management technique that necessary for economic development. Through making and effecting various of favorable policies and making much concessions to foreign investors,developing countries induced amounts of FDI and gained measurable and measureless significant benefits. Therefore, distribution of FDI benefits is not average yet is efficient. Both parties can obtain prospective benefits. International Portfolio Investments is usually conducted by financial institutions, especially institutional investors from developed countries. The main benefit under International Portfolio Investments is sudden huge profits obtained by institutional investors through financial speculation. For developing countries, most capital of this kind flowed into the venture field of stock market and real estate market. Only small part of capital was utilized as long term development capital. As the financial market in developing countries runs not well and the financial regulation ability of the government on idle money is weak, the money crisis is prone to happen under money speculation conducted by institutional investors and huge idle money will flow out the country when crisis happened. Therefore, institutional investors from developed countries would be the biggest winner in International Portfolio Investments, while developing countries could get only small amounts of benefits yet bear enormous loss including sharp decrease of foreign exchange reserve and national income and much decline of economic development level. Such loss would much more than benefits obtained. Capitals that developing countries got under International Loan are mainly from multinational banks in form of commercial loans. Since 1970s, multinational banks increased commercial loans to developing countries dramatically, charged higher rate than that in developed countries markets, and obtained substantive interest income. While developing countries’burden of foreign debt was getting much heavier because of excessively large foreign debt, unreasonable structure of foreign capital, up-floating interest rate and huge interests disburses. In 80s, the world economy fluctuated and the price of primary products dropped rapidly, thus the foreign income developing countries earned decreased sharply and faced difficulty of debt repay, and at last the debt crisis broke out. Researches indicate that the International Loan can bring the same benefits as that in FDI while the debt crisis will make developing countries suffer heavy loss that is much more than benefits obtained. In conclusion, the result of distribution of international capital flow benefits is that developed countries obtained much of benefits while developing countries bore much of losses. There many reasons of historic and realistic can explain such result. In history, in order to possess land and fortune, main west countries invaded American countries, Africa countries and Asia countries to and pursued colonialism. They laid the foundation of unfair investing relationship today between developed countries and developing countries. Developed countries practised financial supremacy all over the world to pursue unfair benefits and conducted“New Liberalism”economic structure reform in developing countries with supports provided by international organizations such as IMF to create well economic environment for their multination corporations to enter into developing country markets. Defects of current International Monetary System such as unstable exchange rate system, unreasonable reserve system and inefficient international adjusting system make developing countries limited and affected by currency floating of developed countries badly. Monopolizing of multinational corporations and multinational banks results in developing country’s minor position in distribution of benefits produced in FDI and International Loan. The financial speculations conducted by institutional investors aimed at sudden huge profits bring heavy loss to developing countries. Improper policies carried out by developing countries also lead to risk and loss in economic development. In general, developing countries have been standing a minor position in world economy and distribution of international capital flow benefits for a long time. The development of financial globalization indicates that the reasonable way to get economy rising for developing countries is to continue opening to the outside world and enter into globalization deeply. In the process of financial globalization, developing countries should carry out stable and proper economic strategy, effect financial opening step by step according to proper plan made against the condition of the economy and financial market, arrange foreign capital structure in a reasonable way, enhance management and regulation on foreign capital, and establish financial stability evaluating index system to maintain stability of finance. Corporations in field of politics and economy among developing countries should also be enhanced and common policies and principles should be insisted in international economic affairs so as to form combined force and seek benefits equality against developed countries. Meanwhile, developing countries should promote the reform of International Monetary System, improve international financial environment and self-situation so as to raise international position, optimize benefits and reduce risks and losses.
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