【作者】 田园；

【导师】 谢罗奇； 陈福义；

【作者基本信息】 湘潭大学 ， 区域经济学， 2006， 硕士

【摘要】 长期以来，在我国的宏观调控中并没有对货币政策和汇率政策的协调给予足够的重视，货币政策和汇率政策几乎是完全分离的。1994年以来，我国货币政策和汇率政策出现了三次明显的冲突：1994年至1996年，外汇储备快速增加和较高的通货膨胀之间的冲突，1997年至2000年降低利率以刺激内需和解决通货紧缩与稳定人民币汇率的冲突，2000年至2004年控制通货膨胀和人民币汇率稳定的冲突。现在，类似于1994年至1996年的货币政策和汇率政策冲突的瓶颈正在形成，货币政策和汇率政策的协调问题已越来越不容忽视。 纵观1994年以来的中国货币政策和汇率政策，两者出现的冲突基本上可以归纳为人民币对内币值和人民币对外币值之间的矛盾，可见造成货币政策和汇率政策冲突的根源在于经济的开放性。因此可从开放经济下中国资本管制的无效、中国货币汇率传导的失灵、中国固定汇率制与货币供应量的内在冲突这三个角度来分析开放经济下中国货币政策和汇率政策冲突产生的深层次原因。 中国为了解决货币政策和汇率政策冲突所进行的协调管理实践，并没有从根本上有效地解决货币政策和汇率政策的冲突。因为中国政府所进行的对冲操作只不过是一种“买时间”的策略，是将政策调整的时间无限期地向后拖延，但是债务的积累会使对冲操作无法持续下去。因此，一般协调管理的方法无法从根本上解决开放经济下货币政策和汇率政策的冲突。 在我国现行的货币汇率制度下，货币政策的冲销干预和中和的财政政策是协调管理我国货币政策和汇率政策冲突目前主要的手段，但不是解决货币政策和汇率政策冲突的根本所在。本文认为我国现行的货币汇率制度和金融环境的缺陷是阻碍开放经济下中国货币汇率政策协调关键的因素。因此有必要从货币汇率制度改革和完善金融环境两个方面着手：(1)采用更加灵活的汇率制度，并将汇率目标纳入货币政策操作目标；(2)完善中国货币政策和汇率政策协调管理的金融环境。更多还原

【Abstract】 It has been short of enough notice in the coordination of the monetary policy and the exchange rate policy in our country’s macroeconomic regulation for a long time. The monetary policy and the exchange rate policy nearly have been separated completely. Since 1994, our domestic monetary policy and the exchange rate policy appeared three obvious conflicts, including the conflict between 1994 and 1996, when the foreign exchange reserve increased fast, yet the inflation grew highly; the conflict between 1997 and 2000, when the People’s Bank reduced the rate to stimulate the inner demand and resolve deflation while it also tried to keep the fixed exchange rate; and the conflict between 2000 and 2004 when the People’s Bank tried to keep the fixed exchange rate but the financial department tempted to make inflation rate low. Now, it is similar to the conflict between 1994 and 1996. And the conflict bottleneck is forming. The question of the coordination between the exchange rate policy and the monetary policy has been more and more important.Looking through China monetary policy and the exchange rate policy over 1994, the conflict basically may be classified the contradiction between the RMB inner value and the RMB exterior value. So the root of the conflict between China monetary policy and the exchange rate policy obviously is the opening of our economy. Therefore the paper analyzes the deep reason which leads to that conflict under the open economy in three angles, including the Chinese capital invalid control, the malfunctions of China currency exchange rate conduction in the open economy and the conflict between China fixed exchange rate system and the money intrinsic supply, The coordination management practice China took to solve the conflict between the monetary policy and the exchange rate policy, did not settle the problem fundamentally and effectually. Because the flush operation carried on by Chinese government is just a strategy called "buys the time", which delays the policy adjustment in unlimited time, but the debt accumulation will counterwork the flush operation. Therefore, the general method is unable to solve the conflict fundamentally.Under our present monetary and exchange rate system, there are two main methods resolving the conflict including the flush operation intervention of the monetary policy and the neutralization financial policy. But it does not settle the problem fundamentally. We think the flaws in the present currency exchange rate更多还原