财政、货币和汇率政策对经常账户的影响——以中美两国为例

Influences of Financial,Monetary and Exchange Rate Policies on Current Account:A Comparative Analysis on China and the United States

本文从理论和实证的角度论证了财政、货币和汇率政策对中美两国经常账户的影响。理论模型推导出汇率和货币政策相较于财政政策对经常账户的影响更大,而实证分析得出汇率政策相较于其他政策对我国经常账户的影响更大,货币政策相较于其他政策对美国经常账户的影响更大,财政政策相较于汇率政策的影响力较大。所以,不能简单地套用传统的内外均衡调节方法,而应该根据各国的具体国情来灵活选择不同的调节政策。

This paper theoretically and empirically proves how financial,monetary and exchange rate policies affect current account.Theoretical model induces that exchange rate and monetary policies have greater influence than financial policy on current account.By empirical analysis,exchange rate policy has greater influence on Chinese current account than other two policies,while monetary policy has the greatest influence on American current account and financial policy is the next,which is different from traditional adjusting methods.Therefore,each country should flexibly apply different adjusting policies for its current account by their national conditions respectively.