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国际经验表明,在经常账户开放一段时间之后,各国大都开始推进资本账户开放,允许资本自由流动。但是资本账户开放所带来的宏观影响却不如经常账户开放那么显而易见。特别地,资本账户开放对国内通胀影响的研究更是不多见。本文试图对现有资本账户开放对通胀影响的文献进行全面系统的梳理,发现现有的研究结论虽有出入,但各界对资本账户开放影响通胀的机理存在着基本共识。
International experience shows that after the current account has been opened for some time, most countries have started to promote the liberalization of capital accounts and allow the free flow of capital. However, the macro impact of capital account liberalization is not as obvious as the opening of current accounts. In particular, the study of the impact of capital account liberalization on domestic inflation is even more rare. This paper attempts to conduct a comprehensive and systematic review of the existing literature on the impact of inflation on capital account. Although there are some discrepancies in the existing research conclusions, there is a basic consensus on the mechanism by which capital account liberalization affects inflation.