贷款准备金政策框架下的区域货币政策独立性

The Independence of Regional Monetary Policy in the Framework of Loan Reserve Requirement Policy

美国次贷危机引发这轮全球性金融危机凸显了以美国为核心的"金融资本主义模式"和以美元为核心国际货币金融体系的制度性缺陷,改革现行以美元为核心的国际货币金融体系势在必行,建立货币区是较为现实的选择。但在现行货币政策框架下,货币区建设不可避免会陷入"三元悖论"困境。本文提出在贷款准备金政策框架下,货币区能在保证其内在要求的资本自由流动和汇率稳定基本前提下,区内各个成员仍能保持货币政策独立性。

The global financial crisis that was triggered by U.S. sub-prime crisis highlights institutional flaws of the financial capitalism model and international monetary and financial system, in both of which United States plays a core role. The reform of current international monetary and financial systems is imperative. The establishment of currency zone is a realistic option. However, in current monetary policy framework, the establishment of cun-ency zone would inevitably fall into trilemma. The paper proposes the framework of loan reserve requirement policy, in which each member of the currency zone would maintain the independence of its own monetary policy.