【摘要】 现代汇率决定理论是国际金融学最核心的内容之一 ,纵观有关汇率决定理论的重要文献 ,可以发现有一条逻辑清晰的主线贯穿其中 ,即对汇率决定的研究开始是采用“流量 (flow)”分析法 ,而后来的经济学家们摒弃了这种对汇率的狭隘看法 ,认为两国货币的相对供求是决定汇率水平的主要因素 ,建立起了“存量 (stock)”分析法 ,但是其完全抛弃国际收支在汇率决定中的作用也是有失偏颇的 ,故“存量—流量 (stock—flow)”分析在历经探索后被提出了。更多还原

【Abstract】 The theory of exchange rate determination is the heart of the international finance.There are many classic articles in this field.It can be found that the development of the theory follows an implicit logic path.The first scholars used flow market approach to see how the exchange rate to be determinated.The latter economists thought exchange rate should be determinated in the asset market,so they used monetary approach to slove this problem.But they all completely ignored the effect of the payment of balance.The stock-flow approach is the tradeoff of the above.But it is not simlpy the sum of the two.It is the most popular method used now.This paper will describe the main contents of and the logic relationships among these theories.更多还原