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最近几年，流向发展中国家的资本急剧增加。这是由于受到发展中国家存在的良好经济前景、国际市场的较低利率水平、发达国家经济活动的衰落等因素的驱动。资本流入提供了为动员既存生产能力、刺激投资所需的资金。但是，资本流入同时也带来了自身特有的问题。比较典型的宏观经济后果表现为：真实汇率的升值、以压抑贸易部门为代价的非贸易部门的扩张、增大的贸易赤字，如果在固定汇率下，还会导致较高的通货膨胀和外汇储备的累积。政府是否应该对资本流入所导致的负面影响进行干预？如果是，怎样干预？随着墨西哥１９９４年１２月危机的爆发，这个问题变得尤为迫切。本文检讨了拉美四国和东亚五国从１９８６年到１９９３年期间资本流入对经济的影响，并比较了这些国家面对“资本流入过多”的不同对策，试图找出问题的答案。
In recent years, capital flows to developing countries have dramatically increased. This is driven by factors such as good economic prospects for developing countries, lower interest rates in international markets and the decline of economic activity in developed countries. Capital inflows provide the capital necessary to mobilize existing production capacity and stimulate investment. However, capital inflows also bring their own peculiar problems. The typical macroeconomic consequences are manifested by the appreciation of the real exchange rate, the expansion of the non-tradable sector at the expense of the trade sector, and the increased trade deficit, which at higher rates will also lead to higher inflation and foreign exchange reserves The accumulation. Should the government intervene in the negative effects of capital inflows? If so, how to intervene? This problem has become even more urgent with the outbreak of the crisis in Mexico in December 1994. This article reviews the economic impact of capital inflows between Latin America and East Asia and the five countries of Latin America from 1986 to 1993 and compares these countries’ responses to the “countervailing inflows” in different ways to find out the answers to these questions.