Financial globalisation has returned to pre-eurozone crisis levels, as recovery in the US encourages cross-border investment and greater integration.
The flow of foreign money into mature economies is at its highest point since 2011, according to research by the Institute of International Finance.
External capital flows to these economies as a share of gross domestic product have increased from less than4 per cent last year to 5.8 per cent in the second quarter of this year. Inflows to mature economies in the second quarter were $510bn. However, global cross-border flows remain at about a third of their 2007 peak, suggesting that globalisation may be stabilising at a lower level and not returning to the highs achieved in the credit boom before the financial crash.
Charles Collyns, IIF chief economist, said: “The return of some risk appetite has led to a pick-up in capital flows in 2014, but the dramatic collapse in cross-borders flows hasn’t reversed by any means.”
Since the 2008 crisis there has been a sharp contraction in investment by non-residents as stricken banks deleverage and countries toughen regulations. Across the world, capital flows averaged $3tn annually between 2010 and 2013, down from $8.5tn in 2007.
Emerging markets have fared somewhat better, with inflows sustained at about $1tn per year as central banks in developed countries have cut interest rates and expanded their balance sheets. This has encouraged money to move further afield in search of higher returns. However, flows have been volatile as the US Federal Reserve moves toward an interest-rate increase.
Financial globalisation has historically been lauded as an economic growth driver and is credited with enabling millions of households in emerging market countries to achieve higher standards of living.
But the financial crisis sparked by the 2008 collapse of Lehman Brothers has raised questions over lasting benefits.
A paper published this year by the Bank of International Settlements argues that closely integrated financial markets augment economic bubbles, pointing out that foreign credit inflows tend to outgrow domestic credit during financial booms and busts.
The International Monetary Fund has also warned of the dangers of fickle foreign investment and this year released a guide book for sub-Saharan Africa on how to manage volatile capital flows.
A backlash against globalisation has also helped fuel the rise of nationalist political parties in countries including the UK and plagued global trade talks. The countries hit hardest by the financial crisis have also imposed capital and liquidity buffers to mitigate the risks associated with cross-border flows.
But the IIF, which is funded by the financial services industry, says excessive regulation could threaten the benefits of globalisation. Mr Collyns added: “It is important that the global financial system is secure but it is also important that there is adequate financing for long-term projects.”
金融全球化已经恢复到欧元区危机之前的水平，因为美国经济复苏鼓励了跨境投资和进一步的整合。
国际金融协会(Institute of International Finance)的研究显示，外国资金流入成熟经济体的规模处于2011年以来的最高水平。
流入这些经济体的外部资本占国内生产总值(GDP)的比例从去年的不到4%，升至今年第二季度的5.8%。今年第二季度流入成熟经济体的资金规模达到5100亿美元。
然而，全球跨境资本流动依然只有2007年最高峰的三分之一左右，这表明全球化可能会在较低的水平企稳，不会回到金融危机前信贷繁荣期间达到的最高点。
国际金融协会首席经济学家查尔斯•科林斯(Charles Collyns)表示：“一些风险偏好的回归导致2014年资本流动加速，但跨境资本流动的惨烈崩溃绝对没有得到扭转。”
自2008年危机以来，随着遭受危机冲击的银行实施去杠杆化和各国加强监管，非居民投资急剧收缩。在全球范围内，2010年至2013年平均每年资本流动规模为3万亿美元，而在2007年的规模为8.5万亿美元。
新兴市场的表现稍微好点，资本流入保持在每年1万亿美元左右，因为发达国家的央行纷纷降息和扩大资产负债表规模，这鼓励资金进一步走向海外寻求更高的回报。然而，随着美联储(Fed)走向加息，资本流动出现了波动。
金融全球化历来被誉为经济增长的推动因素，人们还认为它有助于新兴市场的数百万家庭提高生活水平。
但2008年雷曼兄弟(Lehman Brothers)破产引发的金融危机让人们对金融全球化的长期益处产生了怀疑。
国际清算银行(Bank of International Settlements)发布的一份报告指出，金融市场的紧密整合会吹大经济泡沫。该报告指出，在金融繁荣和萧条期间，外国信贷流入的增长往往快于国内信贷。
国际货币基金组织(IMF)也警告了外国投资波动的风险，并且在今年就撒哈拉以南非洲地区如何管理资本流动波动发布了一份指南。
对全球化的反弹情绪也在英国等一些国家帮助推动了民族主义政党的兴起，并且阻扰了全球贸易谈判。遭受金融危机冲击最为严重的那些国家还出台了资本和流动性缓冲措施，以减轻跨境流动的相关风险。
但是国际金融协会表示，过度监管可能威胁到全球化带来的益处。该协会的经费从金融服务业筹集。科林斯补充称：“确保全球金融体系的安全很重要，但让长期项目获得充足融资也很重要。”
翻译仅供参考
来源:可可英语 //m.moreplr.com/read/201412/346215.shtml
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