汇率政策与利率水平传导机制的研究——基于抵补利率平价模型的实证分析

在资本自由流动和货币自由兑换下,货币市场和外汇市场相互作用、相互影响,汇率与利率之间存在灵活有效的传导机制。本文从汇率政策的概念入手,借助抵补利率平价模型,指出中国利率和汇率之间有效的传导机制尚未形成。之后对其原因进行了分析,并提出疏通人民币汇率政策传导机制的有关政策建议。

In the free capital and currency convertibility,the money market and foreign exchange market influence each other.There is effective transmission mechanism between the exchanging rate and interest rate.According to the concept of the exchange rate policy,this paper,with the help of the interest rate parity model,pointed out that the relationship between the effective interest rate and exchanging rate transmission mechanism has not yet formed in China.Then this paper analysised its causes and to proposed policy to the transmission mechanism of the RMB exchange rate policy recommendations.