汇率制度安排及与财政政策选择相关性分析──芒德尔主要学术思想“借鉴”

Arrangement of Exchange Rate System and Analysis or Its Relevance to the Option of Fiscal Policy

我国现存的“有管理的浮动汇率制”实质上是一种固定汇率制。最适货币区域理 论是关于汇率机制和货币一体化的理论。经济转型期金融活动深度不够以及宏观经济预期的不确定 性表明我国固定汇率制度安排的必要性，而最适货币区域理论则提供了这种制度安排的一些可能性 解释。当前我国宏观经济政策一直以积极财政政策为主导。芒德尔－弗莱明模型（在固定汇率制度 下，财政政策作用大于货币政策）有助于我们多角度理解这一现存的宏观经济政策选择。

Our existing managed floating exchange rate system is actually fixed exchange rate system. The theory of optimum currency areas is on exchange rate system and monetary integration. Not enough financial depth and uncertainty of macroeconomic expectation indicate the necessity of fixed exchange rate system in economic transition period in our country, and the theory of optimum currency areas gives some possible explanations of the system. (2) Our macroeconomic policy has been dominated by active fiscal policy. Mundell-Fleming Model (under fixed exchange rates, fiscal policy is more effective than monetary policy) contributes to our understanding of the existing macroeconomic policy from various angles.