人民币汇率弹性的增大对利率稳定性的影响

经济理论与经济管理 ›› 2009, Vol. ›› Issue (5): 17-23.

人民币汇率弹性的增大对利率稳定性的影响

李成, 赵天荣

西安交通大学经济与金融学院, 西安, 710061

收稿日期:2009-03-03 出版日期:2009-05-16 发布日期:2012-03-01
基金资助:
教育部应急课题“国际金融危机应对研究”(2009JYJR058)

THE IMPACT OF GREATER FLEXIBILITY IN THE RMB EXCHANGE RATE ON INTEREST RATE STABILITY

LI Cheng, ZHAO Tian-rong

School of Economics and Finance, Xi'an Jiaotong University, Xi'an 710061, China

Received:2009-03-03 Online:2009-05-16 Published:2012-03-01

摘要/Abstract

摘要： 汇率改革前后,汇率与利率之间的动态关系发生了系统性的改变。在均值意义上讲,人民币汇率弹性的增大降低了利率波动的幅度,利率对汇率的反馈机制有了一定的加强。实证检验证明,汇率改革后人民币汇率弹性的增大能稳定利率波动的假设只在长期内存在,而短期内人民币弹性的增大实际上加剧了利率的波动。

关键词: 人民币汇率, 汇率弹性, 利率波动, 利率政策

Abstract: The systematic changes of the dynamics between exchange rate and interest rate have taken place after the exchange rate reform.On average,greater flexibility of RMB exchange rate reduces the magnitude of interest rate fluctuations,and the feedback mechanism of the interest rate on the exchange rate is strengthened to a certain degree.The hypothesis that greater flexibility of RMB exchange rate can stabilize interest rate fluctuation is only valid in the long run,and in the short run it actually exacerbates the volatility of interest rates

Key words: RMB exchange rate, exchange rate flexibility, interest rate fluctuations, interest rate policy

中图分类号:

F832.63

李成, 赵天荣. 人民币汇率弹性的增大对利率稳定性的影响[J]. 经济理论与经济管理, 2009, (5): 17-23.

LI Cheng, ZHAO Tian-rong. THE IMPACT OF GREATER FLEXIBILITY IN THE RMB EXCHANGE RATE ON INTEREST RATE STABILITY[J]. Economic Theory and Business Management, 2009, (5): 17-23.

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