论开放经济环境下我国宏观金融调控的有效性

A Study on the Validity of Financial Adjustment Policy in the Chinese Open Economy

从理论上分析 ,在开放经济环境下 ,一国的宏观金融调控的有效性将受到国际政治、经济及宏观政策的巨大影响。加入 WTO以后 ,我国经济对外开放的程度将不断提高。在开放经济条件下 ,制约我国金融调控有效性的主要因素有 :现存的不合理的汇率生成机制 ,货币政策的双向“溢出效应”,货币供应的内生性增强 ,以及资本项目管制条件下存在的各种违规行为。提高我国宏观金融调控的有效性 ,应该加快利率和汇率市场化改革步伐 ;发展货币市场 ,加强公开市场操作 ,灵活调控货币供应 ,推进公开市场操作与外币市场操作的协调 ;坚决制止各种违反外汇管制的不法行为 。

In the open-economy conditions,the validity of financial adjustment policy in one country will be affected by international politics and international economy and external economic policies of other countries. After entry into WTO, we will increase our open economy scales deeply. The main factors that affect the validity of our financial adjustment policies are our unreasonable RMB exchange rate system and the double-orientation spill-over effects of macroeconomic policies and the increase of the internalization of our money supply.In order to develop the level of validity of our financial adjustment policy, we should faster market-orient reform of our interest rate system and exchange rate system ,develop our monetary market,emphasize corporation of our open market operation and foreign exchange market operation and increase efficiency of our foreign exchange controlling.