基于三元悖论的我国金融政策安排

The Arrangement of Our Country's Financial Policy with the Theory of "Impossible Triangle"

经济全球化发展,使得现行汇率制度下我国的货币政策有效性和独立性受到了很大的冲击,该文主要以三元悖论为理论框架,分析国内曾经出现过的三次冲突,建议金融政策安排中:资本帐户开放不应操之过急,短期资本流动还需严格控制;选择浮动汇率制度是明智的选择,应采取有一定浮动幅度的盯住汇率制;同时应健全金融体系、完善金融市场,为资本账户、汇率制度改革创造条件。

With the globalization of the word economy,the independence and efficiency of the monetary policy of our country has confronted great challenges.The essay is under the theory of 'impossible triangle' and conclude why it experienced three times in our country.At last,this psper suggest we must control the pace of capital account opening,especially for short capital.Now we should make our financial system better to avoid financial assets bubble,and create a favorable financial environment to help capital account opening and the exchange rate system reform.