By using the M-F model,the paper has studied the relationship between capital account liberalization and financial crisis,and drew a conclusion that the possibility of financial crisis would raise when capital account had been liberalized.The paper also discussed the precondition and sequence of China's capital account liberalization.%本文运用M-F模型,从防范金融危机的角度分析了资本项目开放与金融危机发生的可能性之间的关系,认为一国开放资本项目后,金融危机发生的可能性将大大增加。在此基础上,本文对现阶段我国资本项目开放的条件和次序进行了深入研究并提出相关政策建议。
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