汇率决定理论的新近发展:文献综述

New Developments on the Theory of Exchange Rate Determination: A Survey

传统汇率决定理论对于现实经济中汇率实际变动情况的解释能力十分低下。20世纪80年代以来,学术界不断寻求突破,以期为汇率如何决定这一基本命题提供更为合理的解释。在这一过程中,不断有新的文献出现,从不同的方面对传统的汇率理论进行补充、发展和替代。鉴于此,本文试图对汇率决定理论的新近发展进行梳理和介绍,借以为国内经济学界研究汇率决定问题提供一个理论参考。

The traditional theories of exchange rate determination are very weak in explaining the actual changes of exchange rate in realistic economy. Since the 80's of the 20th century, scholars have been seeking academic breakthrough in the rational explanation for what impacts the exchange rate. During this course, there appear many new papers that complement, develop and substitute the traditional exchange rate theories. This paper attempts to review and introduce the latest development of exchange rate theories in order to provide references for domestic research in this field.