货币锚的选择与退出:对最优货币规则的再考察

发布时间：2018-06-19 03:16

本文选题：货币锚 + 货币规则　；参考：《国际经济评论》2011年01期

【摘要】：百年来,无论是传统的"固定与浮动之争",还是现代的"中间与两极之争"都无法解决"什么才是最好的汇率制度"这一难题。基于此,本文从"什么才是最优的货币规则"这一新的视角对基本的货币问题进行探讨,并得到一系列结论:(1)货币不可无锚,而锚的选择取决于网络外部性;(2)不同的"下锚"规则本质上决定了货币政策工具和政策目标的界定,原则上,一个国家、货币区甚至全球货币体系可选择黄金、单一或一篮子货币、一篮子商品、货币供给量作为固定的"货币锚";(3)相对较高的外汇储备和适度的资本管制为一国"货币锚"有序退出提供了条件。
[Abstract]:In the past hundred years, neither the traditional "fixed and floating dispute" nor the modern "middle and bipolar dispute" can solve the problem of "what is the best exchange rate system". Based on this, this paper discusses the basic monetary problem from the new perspective of "what is the optimal monetary rule", and draws a series of conclusions that money must not be without anchor. The choice of anchor depends on the network externality. (2) different "anchor" rules essentially determine the definition of monetary policy instruments and policy objectives. In principle, a country, currency area or even the global monetary system can choose gold. A single or basket of currencies, a basket of commodities, a currency supply as a fixed "currency anchor" and a relatively high foreign exchange reserve and moderate capital controls provide conditions for a country's "currency anchor" to withdraw in an orderly manner.
【作者单位】：国务院发展研究中心金融研究所;华中科技大学经济学院;
【分类号】：F832.6

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