利率平价理论评析

Analysis on Interest Rate Parity Theory

利率平价理论是阐述国内外利率水平差异对一国货币汇率起决定作用的基本学说。国内外许多学者对该理论进行了研究,但对于利率平价理论在不同国家成立与否得出了不同的结论。对国外不同发展阶段的利率平价理论进行梳理,并把国内学者对该理论的研究归纳为利率平价理论的适用性、利率—汇率联动性、模型修正等,可以发现,引入资产价格因素对利率平价理论进行拓展并在此基础上进一步深化中国金融体制改革,可以为货币政策制定者提供具有理论价值和应用价值的政策指导。

Interest rate parity theory is the basic theory describing the decisive role of divergence in domestic and foreign interest rates to currency exchange rate of a country. Many scholars studied the theory, but whether the interest rate parity theory is tenable in different countries came to different conclusions. By reviewing the literatures during different development stages of the interest rate parity theory in foreign countries, then dividing theories of Chinese scholars into three aspects, which are applicability of interest rate parity theory, linkage of the interest rate-exchange rate and model modification. We can fred it is practical policy guide to the monetary policy makers by introducing the asset price, exploiting the interest rate parity theory and deepening our monetary system reform.