新兴市场的汇率制度选择、金融约束与经济增长

Exchage Rate Regime Chorces Financial Constraints and Growth in the Emerging Markets

本文通过构造一个基于金融环境约束的开放经济体跨期模型,对不同汇率制度面临不同名义冲击下的经济绩效进行了比较,结果发现由于浮动汇率对于宏观经济的冲击吸收能力依赖于该国金融环境的发展条件,因此新兴市场的汇率制度退出和转轨决策应当着眼于克服金融约束的关键性门槛。本文的跨国经验分析也进一步证实了模型的结论。

We model an open inter-temporal framework based upon financial restriction through which compare different growth performances by choosing exchange rate regimes.Our model captures that the volatility absorption of flexible exchange rate depends on the domestic financial environment,therefore the exit and transition strategy of emerging mar-kets should focus on the critical threshold of financial constraint.And the cross-country em-pirical analysis does confirm the propositions.