中国外汇市场区间干预的非对称偏好研究

发布时间：2018-02-26 21:48

本文关键词： 非对称外汇市场区间干预名义汇率名义有效汇率　出处：《经济问题探索》2017年02期 　论文类型：期刊论文

【摘要】：运用区间二次偏好损失函数和非线性外汇市场干预模型,估计了2005年7月到2015年12月及以2010年6月新一轮汇率制度改革为分界点的两个子样本时期内中国中央银行外汇市场干预情况。研究结果表明中央银行在外汇市场上采用区间目标干预,而且该干预是不对称的,中央银行对目标区间外的汇率变化率比对目标区间内的汇率变化率进行更强烈的外汇市场干预,对人民币升值比对贬值进行更强烈的外汇市场干预。此外,中央银行对人民币名义汇率比对人民币名义有效汇率实施更强烈的外汇市场干预,但是,中央银行在2010年6月汇率制度改革后扩大了人民币汇率的波动区间并进一步降低了对人民币汇率的干预程度。
[Abstract]:Using the interval two preference loss function and the nonlinear model of intervention in the foreign exchange market, estimated in July 2005 to December 2015 and in June 2010 a new round of reform of exchange rate system for central bank intervention in the foreign exchange market China demarcation point of two sub sample period. The results show that the central bank uses the target range of intervention in the foreign exchange market, and the intervention is asymmetric the central bank foreign exchange rate changes on the target range of rate of exchange rate changes on the target interval rate of the intervention in the foreign exchange market is more intense, the appreciation of the RMB devaluation ratio of foreign exchange market intervention is more intense. In addition, the Central Bank of RMB nominal exchange rate of RMB nominal effective exchange rate on the implementation of the intervention in the foreign exchange market, more intense but the central bank in June 2010 after the reform of exchange rate system to expand the range of RMB exchange rate fluctuation and further The degree of intervention in the RMB exchange rate has been reduced.

【作者单位】：东北师范大学;
【基金】：国家自然科学基金项目“东北地区城市低碳化转型的政策模拟研究”(41171447),项目负责人:李秀敏教育部人文社会科学研究项目规划基金项目“开放经济条件下我国区域政策评价与优化研究”(09YJA790031),项目负责人:李秀敏中央高校基本科研业务费专项资金“国际资本流动与中国货币政策优化研究”(14ZZ2109),项目负责人:王艳真
【分类号】：F832.6

【参考文献】