我国现行汇率制度对货币政策有效性的影响研究

The Study on China's Current Exchange Rate System's Impact on Monetary Policy's Effectiveness

在全球金融经济一体化的趋势下,研究一国经济金融政策的有效性必须考虑汇率制度的影响。文章基于"三元悖论"分析了现行汇率制度下货币政策有效性受到影响的必然性,透视了现行汇率制度对货币政策有效性的具体制约效应。鉴于国际资本流动日趋自由流动,为增强货币政策有效性,必须采取逐步扩大人民币汇率的浮动区间,完善人民币汇率的形成机制,并注重其他措施的协调配合等政策建议,对现行汇率制度进行改革。

With global economic integrating, researching the effectiveness of a country＇s economic and financial policies must consider the impact of exchange rate system. Based on the ＂Tri - lemma＂, this article analyzes the necessity of the effectiveness of monetary policy to be constrained under current exchange rate system, then further analyzes the current exchange rate system＇ s restriction to monetary policy＇ s effectiveness. In view of the increasingly free flow of international capital flows, in order to enhance the effectiveness of monetary policy, we must reform the current exchange rate system, enlarging the fluctuation band of RMB, perfecting the mecha- nism of RMB exchange rate and focusing on other measures＇ coordination and collaboration.