流动资本

USD 5.7 bn or 1.8% ad hoc quota increase in 2006）. The last significant increment took place during the regular, quinquennial general quota review in 1998 when quotas were boosted by 45%.

然而，与私人部门资本流动的激增相比，IMF的财力增长速度却望尘莫及，2006年其配额仅增加了57亿美元，即1.8%。

What is clear is that the repatriation of capital has been painful for those countries that relied heavily on international capital flows.

对于那些严重依赖国际资本流动的国家而言，资金撤离显然是令人痛苦的。

China now has considerably less international pressure to reform the yuan and capital flows are pressuring the rupee higher.

中国改革汇率政策的国际压力现在更加地小了，而资本流动正在推高卢比。

However, the fact is that portfolio flows are only a small part of total capital flows.

但事实上，证券组合投资只占资本流动总额的一小部分。

Depending on context and country," they write,"the appropriate role of policy will be as often to stem the tide of capital flows as to encourage them.

两位作者写道："根据不同的环境及国家，一套合理的政策应该在抑制和鼓励资本流动两方面发挥对等的作用。"

Who will be the next to replace China, the succeeder of Euro, America, Japan and Korea as a fast growing entity in the global capital flow?

中国，作为欧美和日韩之后的高速增长的继起者，在跨国资本全球性流动中的下一批取代者是谁？

But to the extent that nations, or influential elements of the economic sector within nations, can continue to make money off of the inefficiencies and transaction cost generating events arising from differences in territorially based values or regulatory regimes in a world increasing tending toward a free movement of capital standard, we will continue to suffer through manipulation of these inefficiencies.

或许，有一天，世界将开始趋向以某种如100日元=1美元=1欧元的标准实行全球通用货币，但只要国家或国家内部有影响力的经济部门在世界日益走向资本自由流动的标准中，继续以低效率及基于地域价值或调控制度差异中所生的手续费赖以为生，我们将继续遭受这些低效率的操控。

This paper is based on "Trilemma" which is induced from MF model. In order to overcome MF models inherent defects, this paper constructs a static model headed by government on choice of optimum exchange rate regime. Through the analysis of the model we can see that the choice of exchange rate regime is a dynamic process should be decided in real situation. No single exchange rate regime is right for all countries or at all time. Under certain condition intermediate regime may be the optimum one, but the possibility will decrease with the increase of international capital flow.

本文从蒙代尔——弗莱明模型精炼出的"三元悖论"出发，为了克服其内在的缺陷，构建了一个政府主导的静态最优汇率制度选择模型，模型分析表明：汇率制度选择是一个动态的相机决策过程，没有哪一种汇率制度对所有国家或某一国的所有时期都适合；在一定条件下，中间汇率制度可能是最优汇率制度，但是其可选择的区间随着资本流动程度的加大而缩小，最终最优汇率制度将内生的向两极分化。

But given the tumultuous state of global capital flows, it is not entirely surprising.

但鉴于当前全球资本流动的混乱状况，发展中国家提出这样的要求也就没什么稀奇了。

Under the condition of modern open economy, unconfined flow of international capital unconfined flow plays a very positive role for resource allocation efficiency and economic growth, especially in economic and financial globalization, it becomes a important factor to push economic development in every country and the whole world.

在现代开放经济的条件下，国际资本的自由流动对于提高资源配置效率，促进经济的快速发展发挥着非常重要的作用。

This one mode pays close attention to network credence foundation of the businessman very much.

这一模式非常关注商人的网络信用基础。

Cell morphology of bacterial ghost of Pasteurella multocida was observed by scanning electron microscopy and inactivation ratio was estimated by CFU analysi.

扫描电镜观察多杀性巴氏杆菌细菌幽灵和菌落形成单位评价遗传灭活率。