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开放经济下人民币汇率制度选择研究
Study on the Exchange Rate System Choice of RMB under the Open Economy
【作者】 张皓;
【导师】 谢罗奇;
【作者基本信息】 湘潭大学 , 区域经济学, 2004, 硕士
【摘要】 从 20 世纪 70、80 年代开始,经济、金融的自由化、一体化和全球化成为世界经济的一个重要特点,越来越多的国家实行经济转型,由封闭经济走向开放经济。开放经济意味着商品市场、货币市场和资本市场中的资源可以在国际范围内更加自由地流动。 在开放经济背景下,确立一个合理的对外经济联系制度,对于保持宏观经济的稳定和金融体系的可持续发展至关重要。在对外经济联系制度上,一个核心的问题就是汇率制度的选择。 目前,我国的人民币汇率制度名义上是:“以市场供求为基础的、单一的、有管理的浮动汇率制度”,但实际上由于其存在“固定钉住单一美元”、“波动幅度过窄”、“汇率为非均衡汇率”、“机制不完善”等几大问题,该汇率制度的“汇率由外汇市场的供求决定”和“有管理的浮动”特点并没有得到真正的体现。所以,实际上,现行的人民币汇率制度仍可以归于传统的固定钉住汇率制度。随着我国经济开放度的提高,以及亚洲经济的复苏,现行人民币汇率制度显示出诸多弊端和不适应性。为了改变这一现状,适应开放经济的要求,我国的汇率制度需要进行改革。 本论文从国际汇率制度选择的一般理论出发,借鉴发展中国家汇率制度选择的经验,介绍了我国人民币汇率制度的现状和存在的问题,接下来结合我国开放经济的发展方向,分析了在开放经济下改革汇率制度的必要性及人民币汇率制度选择的经济环境和改革的时机选择,提出我国在开放经济下应选择真正的有管理的浮动汇率制度,最后也有针对性提出了为实现这一制度转变的政策建议。
【Abstract】 Since the 1970’s and 1980’s, the liberalization , integrating andglobalization of the economy and finance have become an importantcharacteristic of the international economy, more and more countryimplement economic transition , from the close economy to the openeconomy. The open economy means that resources of the commoditymarket , money market and capital market can flow more freely at theinternational level. Establishing a rational foreign economic links system, It’sessential to keep the stability of the macroeconomy and sustainabledevelopment of the financial system under the open economybackground. Among the foreign economic links system, a centralquestion is the choice of the system of exchange rate. At present, Our country’s RMB exchange rate system namely isbased on market supply and demand, single, managed floatingexchange rate system, but in fact, because it has several big problemsuch as pegs the single dollar regularly , the narrow fluctuating range ,exchange rate is unequilibrium exchange rate , exchange ratemechanism is not perfect,etc. So the exchange rate determined bysupply and demand of foreign exchange market and managedfloating exchange rate system have not received real embodiment. So,in fact, the current RMB exchange rate system still belongs toConventional fixed peg arrangements. With the improvement of theeconomic opening of our country, and the recovery of Asian economy,current RMB exchange rate system demonstrates a great deal ofdrawbacks and unadaptability.In order to change this current situation,meet the needs of open economy, the exchange rate system of ourcountry needs to carry on the reform.<WP=5>Thesis proceed from general theory of the international exchangerate system chooses , using the experience of exchange rate systemchooses of the developing country , have introduced the currentsituation of RMB exchange rate system of our country and existingproblem, and then according to the developing direction of the openeconomy of our country, have analysed the necessity of exchange ratesystem reforms , economic environment and choice opportunity of thereform of RMB exchange rate system under the open economy, andproposed that our country should choose the real managed floatingexchange rate system under the open economy. Finally, pointedly putforward the policy recommendations realizing the system conversion.
【Key words】 Open Economy; Exchange Rate System of RMB; Managed Floating Exchange Rate System;
- 【网络出版投稿人】 湘潭大学 【网络出版年期】2005年 01期
- 【分类号】F832.6
- 【下载频次】324