日德两国应对本币升值压力的经验借鉴与启示
发布时间：2018-11-14 13:50
【摘要】：根据巴拉萨-萨缪尔森假说,一国经济在崛起时期通常都会面临本币升值的巨大压力,在20世纪六七十年代崛起的日本和德国自然也不例外。然而,由于两国在应对日元和马克升值过程中采取了不同的政策组合,具体可概括为被动大幅升值与主动渐进升值的汇率政策、依附于汇率目标的货币政策与独立自主的货币政策、依附于汇率目标的资本管制和放松资本管制以及政策搭配失误和政策组合有效四个方面,由此带来的不同政策效应也给我国当前应对人民币升值压力以深刻启示。
[Abstract]:According to the Balassa-Samuelson hypothesis, a country's economy usually faces great pressure to appreciate its currency during its rise, and Japan and Germany, which rose in the 1960s and 1970s, are no exception. However, since the two countries have adopted different policy combinations in dealing with the appreciation of the yen and the mark, they can be summed up as the exchange rate policies of passive and large appreciation and active gradual appreciation. The monetary policy which is dependent on the exchange rate target and the independent monetary policy, the capital control and the relaxation of the capital control of the exchange rate target, the mismatch of the policy and the efficiency of the policy combination. The different policy effects brought about by this also give our country a profound enlightenment to deal with the pressure of RMB appreciation at present.
【作者单位】： 广东商学院金融学院;
【基金】：国家社会科学基金青年项目“金融危机后人民币汇率大国博弈及中国对策研究”(项目编号:11CGJ009),国家社会科学基金青年项目“金融危机下经济政策国际合作与冲突及中国的对策研究”(项目编号:10CGJ015) 广东省哲学社会科学规划青年项目“后危机时代人民币汇率的大国博弈与中国的对策”(项目编号:GD10YYJ07)的阶段性研究成果
【分类号】：F832.6
[Abstract]:According to the Balassa-Samuelson hypothesis, a country's economy usually faces great pressure to appreciate its currency during its rise, and Japan and Germany, which rose in the 1960s and 1970s, are no exception. However, since the two countries have adopted different policy combinations in dealing with the appreciation of the yen and the mark, they can be summed up as the exchange rate policies of passive and large appreciation and active gradual appreciation. The monetary policy which is dependent on the exchange rate target and the independent monetary policy, the capital control and the relaxation of the capital control of the exchange rate target, the mismatch of the policy and the efficiency of the policy combination. The different policy effects brought about by this also give our country a profound enlightenment to deal with the pressure of RMB appreciation at present.
【作者单位】： 广东商学院金融学院;
【基金】：国家社会科学基金青年项目“金融危机后人民币汇率大国博弈及中国对策研究”(项目编号:11CGJ009),国家社会科学基金青年项目“金融危机下经济政策国际合作与冲突及中国的对策研究”(项目编号:10CGJ015) 广东省哲学社会科学规划青年项目“后危机时代人民币汇率的大国博弈与中国的对策”(项目编号:GD10YYJ07)的阶段性研究成果
【分类号】：F832.6
【参考文献】
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