事实汇率机制名义锚与汇率制度弹性检验——基于人民币汇率数据的国际比较分析

发布时间：2018-03-08 17:17

本文选题：事实汇率机制　切入点：汇率市场压力　出处：《经济学家》2012年08期 　论文类型：期刊论文

【摘要】：对外宣称与事实上的汇率机制具有广泛的不一致性。本文在估计一篮子名义锚货币方法的模型框架下,引入汇率市场压力变量来刻画汇率制度的弹性程度,研究人民币汇率机制及其国际比较。分析发现:(1)人民币汇率形成中的名义锚货币发生了转换,欧元开始发挥显著作用,但金融危机背景下我国仍然采取了紧盯美元的汇率制度安排。(2)在调节汇率市场压力的三种方式中,我国主要通过对外汇储备的购买来缓解货币升值压力,主要发达国家则是汇率、利率与外汇储备兼而有之,并主要表现为汇率本身的调整。(3)与世界主要发达国家和金砖国家相比,人民币汇率的弹性仍显不足,模型的参数估计结果并不显著。
[Abstract]:Foreign claims are inconsistent with the broad exchange rate mechanism in fact. Based on the estimation model of a basket frame anchor currency method, flexibility into the exchange market pressure variable to describe the exchange rate system of RMB exchange rate mechanism, research and international comparison. The result showed that: (1) the anchor currency of RMB exchange rate the formation of the euro began to play a significant role, but under the background of financial crisis, China still takes the exchange rate regime pegged to the dollar. (2) in three ways to adjust the exchange rate market pressure in our country, mainly through the purchase of foreign exchange reserves to ease the pressure of currency appreciation, the major developed countries is the exchange rate, interest rate and foreign exchange reserves both, and mainly for the exchange rate to adjust itself. (3) and the world's major compared with the developed countries and the BRICs, the flexibility of the RMB exchange rate is still insufficient, model The results of parameter estimation are not significant.

【作者单位】：济南大学经济学院;
【基金】：国家社会科学基金一般项目“G-3汇率波动对中国外向型经济影响及对策研究”(09BJL044)资助
【分类号】：F832.6

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