The flow of foreign money into mature economies is at its highest point since 2011, according to research by the Institute of International Finance.
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.
But the financial crisis sparked by the 2008 collapse of Lehman Brothers has raised questions over lasting benefits.
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.
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.”
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。
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。
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。
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。
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。
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