“三元悖论”视角下现行人民币汇率机制的效应分析

发布时间：2018-01-15 17:34

本文关键词：“三元悖论”视角下现行人民币汇率机制的效应分析　出处：《广东社会科学》2017年01期 　论文类型：期刊论文

【摘要】：“三元悖论”是一国汇率机制选择的基础性理论,即在开放经济条件下汇率稳定性、货币政策独立性以及资本自由流动三者之间只能取其二。现行人民币汇率机制是指2015年8月11日央行实行的“收盘价+篮子汇率”的中间价报价新模式。这一新机制的实施初步实现了提高中间价市场化程度和基准地位的改革目标,但也存在导致预期叠加和价格扭曲等不完善之处,需要进一步深化改革。基于“三元悖论”视角,无论是固定汇率制度还是管理浮动汇率制度下三者之间矛盾都存在不可协调性,现行汇率机制仍为过渡性汇率机制安排,最终应向浮动汇率制改变。
[Abstract]:The "ternary paradox" is the basic theory for the choice of a country's exchange rate mechanism, that is, exchange rate stability under the condition of open economy. The independence of monetary policy and the free flow of capital can only be taken between the three. The current RMB exchange rate mechanism refers to the "closing basket exchange rate" implemented by the central bank in August 11th 2015. The implementation of this new mechanism has initially achieved the goal of improving the marketization of the intermediate price and the status of the benchmark. But there are also some imperfections, such as expectation superposition and price distortion, which need to deepen the reform based on the perspective of "ternary paradox". There is no coordination between the three contradictions under either the fixed exchange rate system or the management floating exchange rate system. The current exchange rate mechanism is still a transitional exchange rate mechanism and should eventually be changed to the floating exchange rate system.
【作者单位】：北京工商大学经济学院;
【分类号】：F830.73
【正文快照】： 汇率是开放经济条件下衡量一国内外部经济均衡的重要指标,汇率决定机制的安排对一国宏观经济运行具有深刻影响。“三元悖论”是汇率机制研究的基础性理论,即在开放经济条件下汇率稳定性、货币政策独立性以及资本自由流动三者之间的取舍决定了一国汇率机制。自2005年7月21日

【相似文献】