中国资本账户开放、利率市场化和汇率制度弹性化  

Capital Account Liberalization,Interest Rate Marketization and RMB Exchange Rate Regime Flexiblization

作　　者：何慧刚[1] 

机构地区：[1]复旦大学金融研究院,上海200433

出　　处：《经济经纬》2007年第4期124-127,共4页Economic Survey

基　　金：中国博士后科学基金资助项目"资本控制与汇率制度选择研究"(20060400596);湖北省科学研究计划项目"经济全球化进程中的东亚经济一体化研究"(Q200619001);湖北省人文社科项目"经济增长与汇率制度选择研究"(2006y180)

摘　　要：开放经济下,资本流动、利率和汇率三者相互联动、相互协调、自动平衡。利率市场化是资本账户开放和汇率制度弹性化的前提条件;资本控制程度影响利率市场化和汇率制度弹性化;利率和汇率相互作用、相互传导。一国宏观经济调控政策的效果不仅仅取决于资本控制程度和利率或汇率水平的变动,更取决于资本控制、利率和汇率三者的联动效应。中国金融自由化改革进程中,必须正确处理好资本账户开放、利率市场化和汇率制度弹性化之间的关系,发挥三者联动协同效应,实现内外均衡。In open economy, capital flows, interest rate and exchange rate are mutually interactive, assort with each other and achieve automatic equilibrium, Interest rate marketization is the premise for capital account liberalization and exchange rate regime flexiblization; capital control degree affects interest rate marketization and RMB exchange rate regime flexiblization;interest rate and exchange rate interact with and conduct each other. The effect of macroeconomic policies depends not only on capital control degree, interest rate or exchange rate fluctuation, but also on the associated effect of capital control, interest rate and exchange rate. In the process of China＇ s financial liberalization it is vital to handle the relationship between capital account liberalization, interest rate marketization and RMB ex- change rate regime flexiblizationand, exert the effect of association and coordination between them and achieve internal and external economic equilibrium.

关 键 词：资本流动 资本控制 资本账户开放 利率汇率市场化 汇率制度弹性化 内外均衡 

分 类 号：F822.2[经济管理—财政学]