被称为“幽灵”的游资近几年在国际金融市场上异常活跃,无论墨西哥金融危机,还是席卷东南亚各国的金融危机,游资的投机活动都在其中起到引发危机的作用。本家从游资及其投机性出发,分析了不同汇率制度下投机的运行机制,最后,提出了对游资过度投机的防范对策。一、游资的投机性(一)游资的特性游资是指没有投入或约定投入确定的经济领域,处于游动状态的资本。游资是短期流动资本,包括现金、活期和短期存款、短期政府债券、商业票据、衍生产品、各种基金以及其他流动性很强的资产。它是世界经济、金融自由化、竞争化、全球化的产物。游资受世界经济、政治局势的影响很大,一遇风吹草动,就会大量地急进急出。据统计,近年每 The hot money known as the “ghost” has been unusually active in the international financial markets in recent years. Both the financial crisis in Mexico and the financial crisis that swept through various Southeast Asian countries have triggered speculation in these countries. Based on the hot money and speculation, this paper analyzes the operating mechanism of speculation under different exchange rate regimes. Finally, I put forward some countermeasures to prevent speculation. First, the speculative nature of hot money (A) the characteristics of hot money Hot money is not invested or agreed to determine the economic field, the state in the swimming capital. Hot money is short-term liquid capital, including cash, current and short-term deposits, short-term government bonds, commercial paper, derivatives, various funds and other highly liquid assets. It is a product of the world economy, financial liberalization, competition and globalization. The hot money is greatly affected by the world economy and the political situation. In the event of any sign of trouble, a great deal of urgent and urgent emergencies will emerge. According to statistics, in recent years, each