新兴市场经济国家的汇率制度选择

发布时间：2018-03-06 23:19

本文选题：美元资产　切入点：金融加速器　出处：《经济研究》2011年11期 　论文类型：期刊论文

【摘要】：本文在考虑当前中国及新兴市场经济国家普遍持有大量美元资产,企业融资主要依靠国内银行,经济时刻面临升值压力的情况下,将Bernanke et al.(1999)模型推广到小国开放经济中,分析了这些国家最优汇率制度的选择以及决定的因素。研究发现,汇率制度的选择与持有的美元资产比例和金融加速器效应直接相关。有管理的浮动汇率制既可以避免浮动汇率制下升值危机使经济陷入流动性陷阱,又比固定汇率制的福利损失要小,是新兴市场经济国家最合适的汇率制度选择。最后,结合中国现阶段面临的情况,给出了相应的对策和建议。
[Abstract]:Considering that China and emerging market economy generally hold a large amount of US dollar assets, the financing of enterprises mainly depends on domestic banks and the economy is under the pressure of appreciation at all times, the Bernanke et al. 1999) model is extended to the open economies of small countries. This paper analyzes the choice and determinant factors of the optimal exchange rate regime in these countries. The choice of exchange rate regime is directly related to the proportion of US dollar assets held and the financial accelerator effect. A managed floating exchange rate system can not only avoid the crisis of appreciation under the floating exchange rate system, but also lead the economy into a liquidity trap. The welfare loss of fixed exchange rate system is smaller than that of fixed exchange rate system, which is the most suitable exchange rate system choice for emerging market economy countries. Finally, according to the situation that China is facing at present, the corresponding countermeasures and suggestions are given.
【作者单位】：北京大学光华管理学院应用经济系;
【基金】：国家杰出青年科学基金(70725006) 国家自然科学基金(71173160,70801046)的资助
【分类号】：F831.52

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