【作者】 梁霞；

【导师】 魏晓琴；

【作者基本信息】 中国海洋大学 ， 金融学， 2004， 硕士

【摘要】 改革开放以来，我国在运用货币政策调节宏观经济方面收到了较好的效果，央行对货币政策工具的运用日益成熟。但是近年来，货币政策的效果有所下降，扩张性的货币政策没有能够有效地抑制通货紧缩，当前提高法定存款准备金率的从紧的货币政策也没有很好的抑制经济过热的势头。导致这种结果的原因是多种多样的，其中，现行人民币汇率制度和资本账户的管理状况是重要原因之一。 国际经济学界对于汇率制度、资本账户开放与货币政策三者之间关系的探讨由来已久，其中，比较具有代表性的主要是蒙代尔和克鲁格曼的观点。以此作为理论基础，本文通过分析我国实质上钉住美元的僵化的汇率制度和“名紧实松”的资本账户管理状况，剖析了这两个因素对以货币供应量为中介指标的货币政策的制约。在此基础上，本文进一步提出在资本账户开放的趋势不可逆转的前提下，要改变目前我国货币政策失效的现状，改革僵化的汇率制度和调整货币政策中介指标是一项不可或缺的重要措施。更多还原

【Abstract】 Since China’s opening and reform, central bank has adjusted macroeconomic running effectively by applying monetary policy and his ability of employing monetary instruments has been increasingly proficient. But in recent years, the effectiveness of the monetary policy has been reduced. Expanded policy failed to control deflation and tight policy by raising deposit reserve rate failed to restrain the trend of economic over-heat. Various factors can account for the situation. Exchange-rate regime and regulation of capital account are important among these factors.Economists of different countries have been arguing the relationship among exchange-rate regime, capital account opening and monetary policy for a long time. The opinions of Mundell and Krugman are representatives of these arguments. Based on these opinions, the article argues that exchange-rate regime and regulation of capital account have constrained the effectiveness of monetary policy by analyzing the rigid regime and regulating situation of capital account which is loose actually and strict namely. Further, the article points out that the reform of rigid exchange-rate system and adjustment of middle-target of monetary policy are indispensable to make monetary policy more effective in the background of opening capital account becoming main trend.更多还原