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本文以宏观对冲基金的成名作———1992年欧洲汇率机制危机为主,辅以其高潮———1998年香港金融风暴,详细解读了宏观对冲基金用于冲击一国金融体系的整套手法,从如何发现一国宏观经济体系的漏洞到投机部署的工具及实践,后期的冲击效用的扩大手段以及对抗目标国政府反抗的手段等,在此基础上从金融杠杆、羊群效应和联动立体操作策略的角度给出了防止其冲击的几点建议,未雨绸缪应对未来中国资本项目放开情况下宏观对冲基金可能的大规模登陆。
Based on the fame of the macro hedge fund in 1992, the crisis of the European exchange rate mechanism is dominated by the climax - the 1998 Hong Kong financial turmoil, a detailed account of the macroeconomic hedge fund’s impact on a country’s financial system, From how to find out the loopholes in the macroeconomic system of a country, to the tools and practices of speculative deployment, to the later means of expanding its impact utility and to the means of opposing the government of the target country, on the basis of such measures as financial leverage, herding and interlocking three-dimensional operation Strategy point of view gives some suggestions to prevent its impact, take precautions to deal with the possibility of large-scale landing of macro-hedge funds in the next case of China’s capital account liberalization.