渐进资本开放下中国货币政策的独立性

被引:7
作者
和萍
机构
[1] 京都大学经济学研究生院
关键词
资本流动汇率制度; 独立的货币政策; 不可能三角命题;
D O I
暂无
中图分类号
F822.0 [方针政策及其阐述];
学科分类号
020101 ; 020203 ; 020204 ;
摘要
对中国资本流动程度和中国货币政策独立性的回归检验结果表明:中国的经济实践是符合不可能三角命题的。在1980—2003年间,在事实上钉住美元的固定汇率制度下,中国实行着较为严格的资本管制政策和享有独立的货币政策,但货币政策主要依赖于数量调控工具,汇率和利率的价格调控微乎其微,货币政策的独立性受到极大的挑战。
引用
收藏
页码:26 / 31
页数:6
相关论文
共 15 条
[1]  
Explaining Exchange Rate Volatility:An Empirical Analysis of“The Holy Trinity”of Monetary Inde-pendence,Fixed Exchange Rates,and Capital Mobility. A.K.Rose. Journal of International Monetary and finance . 1996
[2]  
The Feldstein-Horioka Puzzle and Capital Mobility:A Review. J.Coakley,F.Kulasi,R.Smith. InternationalJournal of Finance and Economics . 1998
[3]  
The Renminbi Exchange Rate in the Increasing Open Economy of China:A Short-run Solution and a Long-runStrategy. Tung. http://politics.soc.ntu.edu.tw/news/940413.pdf . 2005
[4]  
Financial Globalization,Exchange Rates and Capital Controls in Developing Countries. J.Vijay. http://rspas.anu.edu.au/economics/publish/papers/wp2003/wp-econ-2003-19.pdf . 2003
[5]  
Domestic Saving and International Investment. M.S.Feldstein,P.Bacchetta. NationalSaving and Economic Performance . 1991
[6]  
A Model of Balance of Payments Crises. P.R.Krugman. Journal of Money,Credit and Banking . 1979
[7]  
Global Transmission of Interest Rates:Monetary Independence andCurrency Regime. J.A.Frankel,S.L.Schmukler,L.Serven. . 2002
[8]  
Domestic Saving and International Capital Flows. M.Feldstein,C.Horioka. The Economic Journal . 1980
[9]  
Domestic Saving and International Capital Movements in the Long Run and the Short Run. M.Feldstein. Euro-pean Economic Review . 1983
[10]  
What Problems can Dollarization Solve?. B.Eichengreen. Journal of Policy Modeling . 2001