My 1982

Li Zhongxin listened to the big man, after some things, the words were turned, and they directly mentioned that he said to everyone about the view of the Asian financial crisis. Li Zhongxin's mood suddenly excited.

Li Zhongxin looked at the faces that were often seen on TV. His heart should not be excited. It is impossible. At this time, it is actually his and the future of the Bigger to study the Asian financial crisis. Things, and he gave people to everyone.

Li Zhongxin sorted out the ideas, slowly said: "The small child is fighting, and the positions together to discuss the formation of the Southeast Asian financial crisis and some views. If there is anything wrong, please also ask the public ax."

As Li Zhongxin said, while sitting in the body, the whole person is also awered, showing a very strong confidence, he slowly said: "This thing is going to start in the past few years, many people in the world Clear, because the export-oriented economic development strategy is successfully implemented, in early 1990, the rise of Thailand became one of Asia's four tigers.

However, when Thailand is striving to become a regional international financial center, accelerate the pace of financial openness, but due to the imperfect market system, the economic fundamental situation is deteriorating, and the currency attack is incurred.

Expanding the opening is open, and it is not necessary to force the necessary internal reform and adjustment, and due to the characteristics of the financial market, the impact of financial openness and trade open to the entity economy can not be pushed.

The influence of the former has a high degree of uncertainty, so financial open needs bold ideas and carefully verified.

The capital account is open to not perform, and a series of reforms will be needed. In this regard, Thailand obviously lacks sufficient preparation.

On the one hand, a large capital inflow, especially short-term capital flow, accumulating the vulnerability of economic finance; on the other hand, the speculators initiate currency attacks, they must obtain the local currency assets of the target country through the shore or offshore market. Take the empty coin.

And the work of preventing the impact of the capital flow should begin with the income of capital. Especially when economic booms, it will have huge attractions to international capital, and this is often buried in the hidden dangers of future capital concentration.

If there are many distortions in the financial market open financial market, it is possible to be deliberately utilized by investors, double zooming, and increasing the financial fragility of the host country.

At the same time, once the currency attack is subjected to a currency attack, it is important to prevent the cost of the speculators to get the cost of the local currency or to restrict its ability to get the local currency.

This series of reasons leads to the intrinsic instability of the fixed exchange rate system under capital free flow conditions.

Excessive expansion of excessive expansion caused by economic fundamentals, eventually leads to a fixed exchange rate system, and will be affected by the private sector, so that the economy is a good balanced and bad balance, the government is stepping up the fixed exchange rate by supporting the fixed exchange rate The multi-balance crisis that triggered expected self-realization will also cause ethical risks to enterprises and financial institutions, resulting in excessive speculative investment and asset price foam, and due to foam rupture and capital escape leading to crises.

Thailand is the fundamental problem to evolve into a liquidity crisis. There are almost many other countries with Thailand. No matter how to explain the cause of monetary attack, the direct result of fixed exchange rate is often an overestimation of exchange rate, and then become an international speculatory target. "

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Li Zhongxin said in slow people telling some of his opinions and opinions, and the looks on the face are also meticulous.

At this time, Li Zhongxin did not see the smatches of the big , because Li Zhongxin felt that this thing is that he wants him to say simply, he said that it is almost the same.

I didn't see the team of Daxie and the big , I still kept a colored colors. Li Zhongxin continued to speak to the way: "Studies have shown that the Thai baht and other currency have exhibited an overestimation before the crisis broke out. The fixed exchange rate has played an important role in the early days of economic development, but with the advancement of financial marketization reform, increasing exchange rate flexibility in the case of conditions, it is an effective means to avoid attack.

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The more foreign exchange reserves, the stronger the capacity of the exchange rate of the currency in the foreign exchange market.

However, it is not possible to relax a vigilance against money attacks. In theory, even the foreign exchange reserves can deal with external debt and import payment, once the residents are confident, they will be exchanged into foreign currency, and more foreign exchange reserves may also be exhausted.

In particular, the foreign exchange reserves formed by short-term capital flows are more unable to be a barrier to address currency attacks, because once the situation is reversed, this part of the foreign exchange reserves will be fired first.

In addition, although foreign exchange reserves in Thailand and other countries have been relatively abundant, speculators have targeted strategies to make it apt from automatic bills. This shows that high foreign exchange reserves do not play absolute repression and deterrence to speculators.

The international speculators launched a large-scale offense in the foreign exchange market, even if no monopoly has, it has occupied the dominant position of the market.

Money attacks are often a three-dimensional attack, foreign exchange market, stock market, and a lot of linkage between the derivative market, so it is difficult to find the right point to resist.

Overseas funds have considerable flexibility, when you put funds in the foreign exchange market to resist attacks, I will engage in your stock market. When your funds are placed in the stock market, I will engage in your derivative market.

There are so many foreign exchange reserves in a country. After the multi-wheel strike, there will be problems.

The Thai transaction report system is not perfect, the government can't attack the speculative attack, and it is impossible to accurately analyze this time. Finally, I was launched.

Thailand is one of Asia's four tigers. After Thailand's financial crashes, although other countries have made some response measures, the international financial speculation is coming to Southeast Asia, they have come, have formed a kind of Huge scale, that is, what we said.

When the financial speculators attacked Thailand, the amount of funds may be funded by $ 5 billion to the US dollar.

However, after reaching other countries, this amount of money is already doubled. More and more financial speculators have seen such a situation. Even if they have a means, they can't resist the group of wolves. .

To know that this thing in the Southeast Asian financial crisis has been such a kind of seedlings since the end of last year, it has already had such a kind of seedlings, but these countries are too much big and have not found. "