外汇监管套利研究：基于外汇差额缺口视角

摘要

2008年全球金融危机后，学术界一致认为监管套利是导致危机的重要原因。当前，外汇管理处于渐进性改革中，放松外汇管制和人民币国际化步伐加快，外汇监管套利迅速发展。本文以进出口、收付汇、结售汇差额缺口为度量指标，对差额缺口的构成、影响因素进行分析，对外汇监管套利行为进行研究，在此基础上得出研究结论。%After the global financial crisis in 2008, the academics agree that the regulatory arbitrage is the important cause leading to the crisis. At present, foreign exchange administration is in the progressive reform, foreign exchange controls have been relaxed, the internationalisation of Renminbi has been accelerated, and the regulatory arbitrage of the foreign exchange has developed fast. Based on such metric index as import and export, receipt and payment, and settlements and sales balance gap, the paper analyzes the compo-sition of the balance gap and influencing factors, studies the regulatory arbitrage of the foreign exchange, and draws the research con-clusion on the basis of above analysis.