摘要
利率和汇率是货币市场和外汇市场的调节工具和货币政策的主要手段。在资本自由流动和货币自由兑换下,货币市场和外汇市场相互作用、相互影响,利率汇率之间存在灵活有效的传导机制。宏观调控政策的有效性不仅取决于利率或汇率变动,更取决于利率汇率传导机制的效率。在中国资本控制逐步放松和资本账户渐进开放进程中,加强利率汇率传导机制是实现我国内外经济均衡的重要途径。
Interest rate and exchange rate are the two main adjusting instruments on the money market and foreign exchange market, and also the main means of monetary policy. Under the condition of capital mobility and currency convertibility, money market and foreign exchange market interact with each other. The transmission mechanism between interest rate and exchange rate is flexible and effective. The effectiveness of macroeconomic policies depends not only on the fluctuation of interest rate and exchange rate, but also on that of interest rate and exchange rate transmission mechanism. With the gradual relaxation of the capital control and liberalization of the capital account in China, it is an important way to achieve the internal and external economic equilibrium by strengthening interest rate and exchange rate transmission mechanism.
出处
《湖北经济学院学报》
2007年第2期40-46,共7页
Journal of Hubei University of Economics
基金
中国博士后科学基金资助项目"资本控制与汇率制度选择研究"(20060400596)
湖北省科学研究计划项目"经济全球化进程中的东亚经济一体化研究"(Q200619001)
湖北省人文社科项目"经济增长与汇率制度选择研究"(2006y180)
关键词
利率汇率传导机制
资本账户开放
利率汇率市场化
内外均衡
interest rate and exchange rate transmission mechanism
capital account liberalization
interest rate and exchange rate marketization
internal and external equilibrium
