论发展中国家的货币冲销政策

On the Monetary Sterilization of Developing Countries

理论界在肯定冲销操作积极效果的同时 ,一直对其负效应存在分歧。本文结合发展中国家的特点 ,运用资产组合分析法 ,指出目前所认为的几个负效应———即引发恶性循环、恶化财政状况、干扰货币政策等在发展中国家并不存在 ,从而为实施冲销操作提供了理论上的支持。本文进而分析了中国 1 994年采用有管理的浮动汇率制度以来的实际情况 ,提出了改进冲销操作的若干建议 :包括大力发展公开市场业务 。

While the theorists agree on the positive effecls of sterilization operations they diverge on the negativc effecrs. Based on the characteristics of the developing countries, this paper applies the Portfolio Balancc and points out that the said negative effccts, including bring about vicious cycle\, aggravating financial status and interfering monetary policies, do not exist in developing countries, Thus it provides theorctical support for the implcmentation of sterilization operations. This paper further analyses the economic situation since China adopted Managed Floating Exchange Rate System in 1994,then puts forward scveral suggestions for improving sterilization operations, including promoting open market operations, secking multiplc measures of policy combination as well as fostcring the paid-out mechanism of RMB.\;