| Based on the impossible triangle theory and industrial structure theory,this paper combines the causes,reform measures and effects of the East Asian financial crisis in Thailand,Korea and Singapore,from the exchange rate system,international capital flows,industrial development,financial supervision and enterprise reform,analyze what is beneficial to sustainable economic development.The purpose of this paper is to provide lessons for China to prevent systemic financial risks and to pass the key period of new and old kinetic energy conversion.This article collects data from the International Monetary Fund Statistics Database,the Bank of Thailand,the Bank of Korea,the Monetary Authority of Singapore,etc.It includes the effective exchange rate,current account balance,GDP and other data from 1980 to 2010.Using comparative analysis,data analysis,etc.The paper analyzes the economic development of the three countries during the period of the East Asian financial crisis.By comparing the economic conditions of the three countries,first,we find that the choice of exchange rate system,the degree of supervision of cross-border capital flows,and the direction of industrial development are the reasons why the three countries are affected differently by the financial crisis.Second,because the economic foundations and the degree of perfection of the financial regulatory system of different countries before the financial crisis are different,the three countries have taken different measures for the reform of the financial regulatory system.Third,due to the different reforms in the enterprise between Korea and Thailand,the effects of the measures are different.The conclusion is that with the opening of the capital account,it is necessary to increase the flexibility of the exchange rate to make the monetary policy more effective.For international capital flows,the large amount of borrowing of international capital and short-term hot money is extremely unfavorable to the financial stability of the country.It must be strictly regulated.Neglecting the objective law of industrial development and the research and innovation of technology is not conducive to sustained economic development.However,if the optimization and upgrading of the industrial structure is too urgent,it is also prone to problems;the process of financial liberalization is inseparable from the improvement of the regulatory system;reforming the enterprise system can make the company mobilize.Forty years since the reform and opening up,China's economic development has experienced different periods.Nowadays,the development of China is in the period of economic transformation,from high-speed economic growth to high-quality economic development.Finally,this paper puts forward effective suggestions for China to prevent current financial risks from five aspects: exchange rate system arrangement,international capital flow supervision,industrial structure adjustment,financial supervision and enterprise supervision.China should improve the market mechanism of RMB exchange rate;strengthen the monitoring of short-term cross-border liquidity;encourage technology research and development,gradually upgrade industrial structure;and block financial regulatory loopholes;improve the modernization supervision system of enterprises. |
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