人民币汇率的“三元悖论”最优解动态模型探讨

The optimal coordination and dynamic model of the Trilemma Of RMB exchange rate

通过建立政府最小损失成本模型,讨论随着资本流动状态的改变,三元悖论最优解的确定及动态变化过程。研究表明,中间状态的政策目标可以实现最优解,但随着资本自由流动程度的变化各个政策目标会收敛于角点解。

The paper discussed the optimal coordination and dynamic variation of the Trilemma by different capital flow limitation through designing a government minimum-loss model. The paper＇s conclusion is that the optimal coordination of Trilemma lies in the policy objective between the two endpoints, but it will be a corner convergence of policy objective with the change of capital flow limitation.