摘要
新兴市场国所特有的经济现象如债务美元化、资本逆转,使得开放经济的金融加速器模型较传统经济理论更能适应新兴市场国货币政策分析需要。通过构建以中国经济数据作为参数选择依据的开放经济的金融加速器模型所做的研究,结果表明货币政策规则的表现排序会因冲击性质不同而出现变化;当世界利率冲击是主要的冲击来源时,浮动汇率的优势依然明显,这意味着新兴市场国的汇率"浮动恐惧症"的合理性尚待商榷。
The economical phenomena specialized in the emerging markets,such as date dollarization,capital reversion and so on,make the financial accelerator model of open economy more adaptable than the classical economic theories to meeting the need of monetary policy analysis in emerging markets.This paper develops a financial accelerator model of open economy based on China＇s economic data as the selected parameters.The results show that the behavior order of the monetary policy rules will vary according to the nature of external shocks.When the world interest rate shocks become the main source of the shocks,the advantages of the floating exchange rate are still obvious,which means that the rationality of fear of floating exchange rate in emerging markets is open to questions.
出处
《当代财经》
CSSCI
北大核心
2011年第10期65-72,共8页
Contemporary Finance and Economics
关键词
新兴市场国
货币政策规则
金融加速器
汇率
浮动恐惧症
emerging markets
monetary policy rules
financial accelerator
exchange rate
fear of floating
