金融自由化趋势下的汇率制度选择和宏观经济政策表现——兼论中国汇率制度现状

Rate Arrangement and Maroeconomic Policies Under the Trend of Financial Freadom

在金融自由化趋势下 ,全球范围内的国际资本流动成为一种必然的要求 ,资本项目下国际资本的自由流动和汇率制度选择之间存在着一定的内在联系。同资本项目下国际资本的自由流动和浮动汇率制度的配合相比 ,资本项目下国际资本的自由流动和固定汇率制度的配合是没有效率的。我国的实际汇率制度是名为有管理的浮动汇率制度 ,实为固定的汇率制度 ,在资本自由流动成为必然的趋势下 ,这样的汇率制度安排必将影响到宏观经济政策的效率。

It's urgent that international capital transfer among different countries under the trend of financial freedom. There are some complex relationships between international capital transferring and the rates arrangements of differenet countries. A fixed rate arrangement is less effective on the condition that international capital can transfer freely. As a result, the author concludes that china should adjus the current rate arrangement under the guide of keeping the stability of financial environment.