Capital account liberalization is desirable in the long run but is associated with considerable risk in the process, particularly if macroeconomic policies are not sound and financial supervision and regulation is weak. While sequencing of the opening of the capital account is often recommended, there is no single formula for this process, just as there is no simple rule for the use of capital controls. "Compatible opening" where the progress of domestic reforms coincides with that of market liberalization is also analtemative. Both "sequencing" and "compatible opening" can, if handled properly, be geared toward the specific circumstances of financial development in individual countries. Many factors related to an individual country's stage of development andcurrent level of involvement in global capital markets need to be considered in setting realistic goals and objectives in this area.
热心网友
从长远来看，资本帐户的自由化是值得去做的一件事，但其中蕴涵着相当的风险，特别是在宏观经济政策不健全、金融监管效果甚微的情况下。尽管人们建议对开放资本帐户进行排序，但就如同不存在资本控制使用行为简便易行的规则一样，如何进行操作却并无定法。对于国内改革与其市场自由化恰巧同步的国家来说，”兼容性开放”也是一种选择。如果处理得当，不论排序法还是兼容性开放都能够与各个国家的特定金融发展环境相适应。在确定这个领域中的现实目标的过程中，许多与一国经济发展阶段和目前的国际资本市场参与度相关的因素都需要加以考虑。
热心网友
译的很棒！很地道。