中间汇率制度与金融脆弱性——兼论我国汇率制度的选择

Intermediate Rate Regime and Financial Fragility

与国际上汇率制度选择的现实相适应 ,近年来理论界提出了中间汇率制度消失论。本文通过实证研究论证中间汇率制度确实存在消失的趋势 ,从道德风险理论、噪声交易理论、“可核验性”及政府两难四个方面探讨了它与金融脆弱性之间的关系 ,并对我国汇率制度选择做出启示。

To adapt to the reality of international choice of exchange rate regime,in recently years,the vanish of intermediate exchange rate regime has been put forward theoreticly.In this paper,an evidence study has proven the vanishing trend of intermediate exchange rate regime.Then,the paper explores the relation between the intermediate exchange rate and financial fragility and throws light on the choice of exchange rate regime in China.