金融海嘯前後新興亞洲國家資本移動分析

Analysis of Capital Movement in Emerging Asia before and after the 2008 Global Financial Crisis

在金融海嘯發生後，亞洲新興經濟體領先全球復甦，歐美日等先進國家經濟復甦疲弱、政府債務高築，以致量化寬鬆的貨幣政策遲遲未能退場，造成全球金融市場流動性氾濫。在匯差、利差以及經濟前景佳等有利因素的吸引下，跨境資金大量湧入亞洲新興市場，導致股市及房價上揚、匯率升值，從而形成資產泡沫及物價上漲的壓力。本文除分析金融海嘯前後新興亞洲資本移動的趨勢及內容外，亦探討資本移動對各國經濟之影響，以及各國為降低資本快速移動、穩定總體經濟所採取的措施。

After the 2008 global financial crisis, Asian emerging economies have led the global economic recovery. Advanced economies, including the US, EU members and Japan, have experienced a weak recovery, dragged down by high levels of government debt. They have been unable to make a prompt exit from their quantitative easing policies, causing a flood of liquidity in global financial markets. Favorable exchange rates, differences in interest rates, bright economic prospects, and other such factors have attracted a large flow of capital into Asian emerging markets, causing their stock and housing prices to rise and their currencies to appreciate, building up pressure for the formation of asset bubbles and the welling up of inflation. In addition to analyzing the trends and nature of capital movement in emerging Asia before and after the 2008 global financial crisis, this paper examines the effects of this movement on each national economy, and the measures adopted in each country to reduce the rapid capital movement and stabilize their macro economies.