东亚五国的管理浮动汇率制研究——从汇率的制度性浮动出发  

A Study of Managed Floating Exchange Rate Regimes in Five East Asian Countries

作　　者：许少强[1] 庄后响 

机构地区：[1]复旦大学经济学院

出　　处：《国际金融研究》2007年第6期4-8,共5页Studies of International Finance

基　　金：复旦大学"上海论坛2006"课题经费的支持;是该课题子项目<美元本位制下东亚国家管理浮动汇率制的比较研究>的研究成果之一;并且本课题也是2005年度教育部哲学社会科学研究重大课题攻关项目<人民币均衡汇率研究>(项目批准号:05JZD000127)的阶段性成果。

摘　　要：利用汇率的制度性浮动指数公式,我们对亚洲金融危机前东亚五国管理浮动汇率制进行实证研究的结论是:新加坡汇率的制度性浮动程度较高,其他四国均较低。对危机后实证研究的结论是,这些国家汇率的制度性浮动程度比危机前要高。其中,韩国汇率的制度性浮动程度己高于危机前单独浮动的日本。在此基础上,我们用多元OLS回归方法对每日数据进行验证得到的结论是:2004年以后在东亚五国货币汇率决策中,美元的重要性或与美元的联系已经明显减弱了。This paper makes an experimental research on the flexibility of managed floating exchange rate regimes of five selected East Asian countries on the basis of calculating the flexibility index of exchange rate regime. We conclude that Singapore＇s exchange rate regime had a relative high degree of flexibility and other four countries excised less flexibility policy under managed floating exchange rate regime before Asian Crisis. But, after that crisis, the exchange rate regimes became more flexible in the five countries. Using the data set, we run a multivariable OLS regression on daily exchange rate data. Regarding the exchange rate policies of the five countries, our finding is that the importance of US Dollar is deceasing or the connection with US Dollar is weakening.

关 键 词：管理浮动汇率制 东亚五国 汇率的制度性浮动 多元OLS回归方法 

分 类 号：F831[经济管理—金融学]