外汇管制对我国资产价格变动影响的研究

发布时间：2018-03-22 09:41

本文选题：外汇管制　切入点：资产价格　出处：《理论学刊》2012年05期 　论文类型：期刊论文

【摘要】：我国的资产价格在过去十余年间经历了剧烈波动,以往的研究将流动性过剩作为考察资产价格波动的主要着眼点,而忽视了外汇管制变动对资产价格可能存在的影响。外汇管制及其政策的变化实际上对我国资产价格存在显著影响。在我国外汇管制不断放松的背景下,国际资本不断流入,通过国内资产价格重估、国内资本的羊群效应和外汇占款扩大基础货币供给等机制不断推高国内资产价格。我国在进一步推进外汇管制改革的过程中,应重视外汇管制放松对资产价格的影响,密切关注国际资本流动,防止国内资产价格的过度波动,确保金融体系的稳定。
[Abstract]:Asset prices in China have experienced violent fluctuations in the past decade. Previous studies have considered excess liquidity as the main focus of asset price fluctuations. In fact, the changes in foreign exchange controls and their policies have a significant impact on the asset prices of our country. In the context of the continuous relaxation of foreign exchange controls in China, international capital continues to flow in. Through the revaluation of domestic asset prices, the herding effect of domestic capital and the expansion of the base money supply of foreign exchange funds, and other mechanisms have pushed up the prices of domestic assets. In the process of further promoting the reform of foreign exchange control, We should pay attention to the influence of loosening foreign exchange controls on asset prices, pay close attention to international capital flows, prevent excessive fluctuations in domestic asset prices, and ensure the stability of the financial system.
【作者单位】：山东大学经济研究院;
【分类号】：F832.51;F832.6

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