波兰和泰国汇率制度改革经验与启示

Experience and Enlightenment of the Reform of Exchange Rate Systems in Poland and Thailand

经济环境的变化决定着汇率制度的变迁。波兰转轨以来汇率制度相继选择了单一盯住美元、盯住一篮子货币、爬行区间浮动和自由浮动等形式。泰国二战至亚洲金融危机爆发前一直采用单一盯住美元的固定汇率制度。文章据此结合我国人民币汇率制度得出如下经验与启示:应牢牢把握汇率制度调整的主动权并渐进改革,协调好汇率制度与货币政策的关系,与汇率制度相配合有步骤地开放资本项目,加强金融监管尤其是加强对货币错配的审慎性监管等。

Change of economic environment determines the change of exchange rate system. Exchange rate system of Poland since transition has chosen successively such forms as single peg to U.S. dollar, peg to a basket of currencies, crawling interval floating, free-floating etc.. Thailand from World War II to breaking out of the Asian financial crisis has taken the fixed exchange rate system of single peg to U.S. dollar. Accordingly combining this with the RMB exchange rate system of China we can reach the following experience and enlightenment： we should firmly grasp the initiative of exchange rate system adjustment and gradually reform, should coordinate the relationship between exchange rate system and monetary policy, should open the capital account step by step compatible with exchange rate system, should strengthen financial supervision and especially strengthen the prudential supervision on monetary mismatch.