国际金融体系与资本市场:概述

Branko Mladenovski
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摘要

本文的目的是总结描述国际金融体系作为管理资本、商品和服务流动的金融流动的框架的最重要的几点。国际金融体系涵盖了金融市场和从中央银行到个人投资者的所有人和事,以及中间各种可能的金融中介。通过对原始文献和当代研究机构的分析,本文提供了金融体系演变的历史背景,从固定利率到浮动利率,并最终以管理浮动结束。此外,它还简要介绍了该系统是如何计算汇率的,以及它是如何促进贸易、投资和融资的,无论是短期的货币市场还是长期的资本市场。在该体系的最后一次迭代中,尽管几十年来发生了很多金融危机的例子,尤其是2008年的大衰退和新冠肺炎大流行引发的危机,但从长期来看,所有金融市场的交易量和利润都出现了增长。然而,人类现在面临着异常紧张的地缘政治调整和经济实力在美国之后的经济体之间的转变。在中美贸易战之前,中国正朝着第一的位置飞奔而去,而俄罗斯则严重依赖欧洲对化石燃料的渴望。国际金融体系最终将采取何种形式尚不确定,但仍值得深思。只要这个体系在本质上仍然是基于规则的,改革是受欢迎的。
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INTERNATIONAL FINANCIAL SYSTEM AND CAPITAL MARKETS: A BRIEF OVERVIEW
The purpose of this paper is to summarize the most important points that describe the international financial system as the framework that governs financial flows from movements of capital, goods and services. The international financial system encompasses financial markets and everything and everybody ranging from central banks to individual investors, with every possible variation of financial intermediary in the middle. Through analysis of source literature and contemporary body of research, the paper provides historical context of the evolution of the financial system, going from fixed to floating rates, and ultimately ending with managed floats. Moreover, it provides a synopsis how the system is working out exchange rates, and how it facilitates trade, investment, and financing, both short-term in the money markets or long-term in the capital markets. In this last iteration of the system, despite plentiful examples of financial crisis that have happened over the decades, most notably the Great Recession of 2008 and the Covid-19 pandemic induced crises, all financial markets have seen growth in volumes of trades and profits over the long-run. However, humanity is now faced with exceptionally tense geopolitical realignments and shifts in economic might among the economies that follow the USA. Before the US-China trade war, China was galloping toward reaching the top spot while Russia was banking heavily on Europe’s thirst for fossil fuels. What form will the international financial system ultimately take is uncertain, but worth pondering nonetheless. As long as the system remains rules-based in its essence, reforms are welcome.
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