以色列扩展汇率弹性的经验与启示

The Experience and Enlightenment of Increasing Exchange Rate Flexibility in Israel

以色列通过发展外汇及相关金融市场、稳步退出外汇干预操作、及时转换货币政策工具、有序放开资本账户限制、强化金融领域的审慎监管等支持性工作的协调跟进,扩展汇率弹性的过程相对稳定,对经济运行造成的冲击也被降到较低水平。其成功经验有:以渐进模式扩展汇率弹性更易于达成目标,中央银行的独立性地位至关重要,配套改革必须按合理次序协调推进,政策措施应保持必要的透明度。

The reform of exchange rate marketization in Israel adopted a gradualist approach to increasing flexibility steadily. In the course of reform, Israel experienced peg to dollar, peg to currency basket, horizontal bank, crawling band, crawling fan and free float. Through coordination of supporting works which include developing FX and complementary markets, exiting FX intervention stably, switching monetary policy instruments timely, lifting capital account restrictions orderly, strengthening prudential supervision, Israel realized to increase exchange rate flexibility smoothly. Its successful experience tell us that gradualism will make increasing exchange rate flexibility easier, independence of central bank is vital, supporting reforms must be implemented coordinately, and policy is ought to keep necessary transparency.