本文嘗試以跨期平衡的角度觀察中國大陸在金融風暴期間的表現，並解釋中國大陸未受金融風暴劇烈衝擊的原因。綜觀中國大陸在金融風暴期間，除了經濟成長率高居不下之外，人民幣匯率穩如泰山，外匯存底依舊逐年成長，著實令不少人感到意外。然而近年來相關的研究多著重於金融風暴對中國大陸的影響，對中國大陸能安度金融風暴的緣由也集中於概念上的探討，甚少有實證上的研究，對於中國大陸跨期恆定性的實證研究則是付之闕如。由於從經常帳可觀察出一國總體部門中各種經濟變數之間的相互影響，跨期經常帳的恆定與否將決定一國總體經濟制度及政策持續施行或崩潰瓦解的命運，也是檢測一國國際經濟體系能否抵禦外來投機客入侵的良好觀察指標。因此本文首先以中國大陸的國際準備餘額進行結構性轉變檢定，再以國際準備餘額、儲蓄與投資對國內生產毛額的比率做跨期恆定性檢定，試圖觀察中國大陸在金融風暴前後的總體經濟體質，以了解中國大陸未受金融風暴劇烈衝擊的原因。結果顯示，金融風暴期間中國大陸的國際準備餘額不但未出現結構性轉變，也符合跨期恆定檢定，此外儲蓄與投資的共積檢定亦符合長期穩定，可知中國大陸跨期間的國際準備與經常帳保持在恆定狀態，整個金融風暴期間影響總體經濟制度崩潰的時點並未出現。也因為國際準備與經常帳的健全使中國大陸的國際金融部門在風暴期間的表現相當穩定，相對減少了亞洲金融風暴危機所帶來的傷害。

This paper tries to observe and explore why could Mainland China have been insulated from the Asian financial crisis under the intertemporal balance assumption. In the period of Asian financial crisis, it is surprising that the Mainland China has high economic growth rate, constant exchange rate, and more and more foregin reserves. Recent research; however, focus rarely on empirical studies but on system studies. Under the assumption that the currency account must satisfy the intertemporal balance constraints, if current government policy violates the constraints and do not change, the economic system will collapse. So we first probe why could Mainland China have been insulated from the Asian financial crisis on structural change test using international reserves data. An intertemporal balance test is then employed to characterize the international reserves data, and the relations between investments and savings. The empirical results suggest that the international reserves of Mainland China have neither structural change nor violating intertemporal balance constraints, nor do the cointegration test of investments and savings violate intertemporal balance constraints. We can thus know that international reserves and currnet account of Mainland China did not violate intertemporal balance constraints from 1997 to 1999, and therefore reduced the damages brought by Asian financial crisis.