汇率制度与货币政策--发展中国家和小国经济的思考  

Exchange Rate Regime and Monetary Policy:A Proposal for Small and Less Developed Economies

作　　者：龚刚[1] 高坚[2] 何学中 

机构地区：[1]南开大学经济学院,300071 [2]国家开发银行,100034 [3]School of Finance and Economics,University of Technology,Sydney

出　　处：《经济研究》2008年第6期25-36,共12页Economic Research Journal

摘　　要：本文中,我们将研究在资本市场对外开放及汇率固定条件下货币政策的管理机制问题。我们的目标是探讨货币政策能否在此种情况下继续独立而有效地稳定国内经济。为此,我们建议两种制度上的约束。给定这些约束,我们证明货币政策仍然有效。同时,本文讨论了此种制度选择对发展中国家和小国经济的意义。We investigate the monetary policy under the assumption that the capital market was open while the exchange rate was fixed. Our purpose is to find whether it is still possible for the economy in this case to keep the effective monetary policy for stabilizing the domestic economy. For this, we suggest two institutional restrictions. Given the restrictions, we demonstrate that the monetary policy can still be effective. The implication of such an institutional design in exchange rate regime is also discussed with special reference to a small and less developed economy.

关 键 词：三元悖论(三难抉择) 货币政策 汇率制度 宏观动态模型 

分 类 号：F831.6[经济管理—金融学] F821.0F224