摘要
汇率改革前后,汇率与利率之间的动态关系发生了系统性的改变。在均值意义上讲,人民币汇率弹性的增大降低了利率波动的幅度,利率对汇率的反馈机制有了一定的加强。实证检验证明,汇率改革后人民币汇率弹性的增大能稳定利率波动的假设只在长期内存在,而短期内人民币弹性的增大实际上加剧了利率的波动。
The systematic changes of the dynamics between exchange rate and interest rate have taken place after the exchange rate reform. On average, greater flexibility of RMB exchange rate reduces the magnitude of interest rate fluctuations, and the feedback mechanism of the interest rate on the exchange rate is strengthened to a certain degree. The hypothesis that greater flexibility of RMB exchange rate can stabilize interest rate fluctuation is only valid in the long run, and in the short run it actually exacerbates the volatility of interest rates
出处
《经济理论与经济管理》
CSSCI
北大核心
2009年第5期17-23,共7页
Economic Theory and Business Management
基金
教育部应急课题"国际金融危机应对研究"(2009JYJR058)
关键词
人民币汇率
汇率弹性
利率波动
利率政策
RMB exchange rate
exchange rate flexibility
interest rate fluctuations
interest rate pollcy
