On International Speculative Capital And China's Countermenasures

In view of allack power of intemational speculative capital in financial crises broken outin 90's, the problem of international speculative capital has drawn governmellts' attention ina great scale. Through researches on this matter, this thesis tries to probe into the questionson how to guard against the attack from international speculative capital in the constantlyopen economic environment. At first, the thesis illtroduces the concePt of ilTternationa1speculative capital, the reasons of its formation and its characteristics. Then, the thesisanalyses in detail the intCrnational speculative capital's influence on the system of world'seconomy and international finance system, the monetary policy's influence on fixedexchange rate based on free caPital flow, and the operation mechanism and model ofinternational speculative capital. In this part, some ioternational financial and westerneconomic theories are used in the analysis. In addition, the Mundell-Fleming Model,Krugman-Flood-Garber Model of Balance of Payments Crises, Obstfeld Model of Balanceof Payments Crises are flexibly used in the analysis of international speculative capital'sinfluence on a country's macro-economy. Finally, on the basis of the analysis mentionedabove, the thesis analyses the risks faced by china after entering into WTO, and then, thethesis brings forward corresponding countermeasures against the above risks.