一、短期资本频繁流动加剧新兴证券市场的金融脆弱性新兴证券市场在国际化演进中,对资本管制逐步放松,外国资本的大量流入会带来金融资产的迅速扩张。由于新兴证券市场的发育程度普遍较低、金融监管相对薄弱、金融体系不够稳固,因此,资本自由流动的后果在发展中国家表现得更充分。实践中,新兴市场国家成为投机资本的肆虐对象。短期资本的频繁进出,加大了金融市场的波动性,新兴证券市场的金融脆弱性上升。其风险的传导机制如 First, the frequent flow of short-term capital to exacerbate the financial vulnerability of emerging securities market Emerging securities market in the international evolution, the gradual relaxation of capital controls, a large influx of foreign capital will bring rapid expansion of financial assets. Due to the generally low level of development of emerging securities markets, the relative weakness of financial regulation and the fragile financial system, the consequences of the free flow of capital are more fully demonstrated in developing countries. In practice, emerging market countries have become the object of speculative capital raging. The frequent entry and exit of short-term capital have increased the volatility of financial markets and the financial fragility of emerging securities markets has risen. The risk of transmission mechanism such as