中国经济内外均衡与利率、汇率政策协调

China's External and Internal Economic Equilibrium and the Coordination of Interest Rates and Exchange Rates

开放经济条件下 ,一国实现内外均衡要求利率与汇率政策的协调。加入WTO的中国也面临着追求宏观经济均衡的目标 ,在内部经济存在通缩、失业 ,外部经济存在顺差但增幅减缓的条件下内外均衡的实现要求采用扩张性的经济政策。我国财政政策施展空间有限、货币政策的效力不高 ,实现内外均衡要求利率政策与汇率政策的协调。我国利率是管制的 ,汇率是僵化的 ,利率、汇率变动与利率平价模型并不契合 ,因此短期来看要使利率下调、汇率稳定以实现内外均衡 ,长期则要求利率汇率的市场化。

Open economy requires a coordinated system of interest rates and foreign exchange rates to achieve both external and internal equilibrium of the economy. The authors, on the basis of their analysis, reveal the prevailing problems in China's financial market and urges for the liberalization of interest rate and exchange rate as a solution to the problems.