本文旨在探討為維持實質匯率穩定的最適國際資本自由化政策之考量因素，並據 此檢討小型經濟體系解除資本管制的利基標準。我們修正小型開放經濟的 Mundell-Fleming 模型 (包括財貨市場、貨幣市場、外匯市場與總合供給曲線 )，分別求解得以維持實質匯率 穩定的最適資本管制程度，進而探討在不同來源的經濟干擾下，匯率預期的調整速度以及經 濟結構參數如何影響此一最適資本管制係數。分析的結果發現，當局要使貿易條件的波動極 小，匯率預期的調整速度是決定最適資本管制係數的關鍵因素。此外，最適資本管制係數與 匯率預期調整速度的關係也因干擾來源與經濟結構參數的不同而有所差異。

　　　　　This paper attempts to investigate the elements which affect the policy of capital liberalization. It again tries to examine the criteria to lift capital control. We adopt the standard Mundell-Fleming model of a small open economy, including goods, money, foreign exchange markets and aggregate supply curve, to study the effects of exchange rate expectations on real exchange-rate stability and the optimal degree of capital mobility. The main finding is that as the government minimizes the variance of the terms of trade, the crucial determinant of the optimal degree of capital mobility is the speed of adjustment of exchange rate expectations. With different sources of economic shocks and structural parameters, the expectations on exchange rates will react differently, which in turn change the optimal degree of capital mobility.