渐进资本开放下中国货币政策的独立性

经济理论与经济管理 ›› 2006, Vol. ›› Issue (11): 26-31.

渐进资本开放下中国货币政策的独立性

和萍

(日本)京都大学经济学研究生院

收稿日期:2006-08-20 出版日期:2006-11-16 发布日期:2012-03-01

INDEPENDENCE OF CHINESE MONETARY POLICY UNDER GRADUAL OPENING OF CAPITAL

HE Ping

Graduate School of Economics, Kyoto University, Japan

Received:2006-08-20 Online:2006-11-16 Published:2012-03-01

摘要/Abstract

摘要： 对中国资本流动程度和中国货币政策独立性的回归检验结果表明:中国的经济实践是符合不可能三角命题的。在1980—2003年间,在事实上钉住美元的固定汇率制度下,中国实行着较为严格的资本管制政策和享有独立的货币政策,但货币政策主要依赖于数量调控工具,汇率和利率的价格调控微乎其微,货币政策的独立性受到极大的挑战。

关键词: 资本流动汇率制度, 独立的货币政策, 不可能三角命题

Abstract: Regression test on Chinese degree of capital flow and the independence of Chinese monetary policy shows: Chinese experience accords with the impossible triangle proposition,under the fixed exchange rate system of pegging US dollar in fact during 1980 and 2003,China has strict capital regulation policy and independent monetary policy,while the monetary policy relies mainly on quantity adjustment rather than price adjustment of exchange rate and interest rate,so the independence of monetary policy is greatly challenged.

Key words: capital flow, exchange rate system, independent monetary policy, impossible triangle proposition

中图分类号:

F821.0

和萍. 渐进资本开放下中国货币政策的独立性[J]. 经济理论与经济管理, 2006, (11): 26-31.

HE Ping. INDEPENDENCE OF CHINESE MONETARY POLICY UNDER GRADUAL OPENING OF CAPITAL[J]. Economic Theory and Business Management, 2006, (11): 26-31.

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