摘要
最终取消本项目管制和实行浮动汇率制度 ,将带来金融市场价格框架下的汇率传导机制 ,在加入央行反应函数后 ,它便成为与实际相符的动态传导机制。国外的经验表明 ,对于大的独立开放经济体来说 ,汇率传导机制的存在并不意味着汇率应成为货币政策的主要目标。
With the removal of control over capital accounts and the pursuit for independent monetary policy,the current Chinese exchange rate regime of conventional fixed peg with USD would be shifted into floating rate regime. In the framework of financial market prices,an exchange rate channel of transmission mechanism does exist allowing for both the flexible mobility of capital and the floating rate regime. Combined with the reaction function of central bank,the transmission mechanism will become dynamic and more practical. Exchange rate channel dose not guarantee the exchange rate to be a main goal of monetary policy especially for a large independent open economy,as has been showed by foreign experiences.
出处
《财经科学》
CSSCI
北大核心
2004年第5期88-92,共5页
Finance & Economics
关键词
汇率制度
传导机制
金融市场价格
反应函数
Exchange rate regime
Transmission mechanism
Financial market prices
Reaction function
