汇率目标制、货币目标制和通货膨胀目标制的比较及其在我国的应用的探讨  

A Comparison of Exchange-rate Targeting,Monetary Targeting,Inflation Targeting and China's Practice

作　　者：卢宝梅[1] 

机构地区：[1]厦门大学经济学院金融系助教

出　　处：《国际金融研究》2009年第1期69-80,共12页Studies of International Finance

基　　金：国家社科基金一般项目“入世后金融开放对货币政策稳定价格目标的影响与对策”(项目批准号03BJY098);国家自然科学基金项目“基于CGE模型的房地产市场变化影响及政策模拟分析”(项目批准号0671086)的资助

摘　　要：汇率目标制、货币目标制在各自的经济背景下都起到了稳定一国通货、稳定汇率从而稳定一国物价总水平、促进经济增长的作用。起始于20世纪80年代末期,通货膨胀目标制代替汇率目标制、货币目标制成为许多国家追逐长期价格稳定的一种货币政策新框架,在取得长期价格稳定和金融稳定上具有更多优点和灵活性。我国金融开放条件下货币政策调控面临国内货币需求不稳定,内部、外部经济不平衡,金融不平衡等问题,在货币目标制和汇率目标制难以实现货币政策有效调控的情况下,建议应对我国的货币政策调控方式做出调整,采用通货膨胀目标制的货币政策框架。Exchange-rate targeting and monetary targeting have functioned important role for a country to stabilize its currency and the exchange rate which result to price stability and economic growth. However, from the end of 1980s, inflation targeting has substituted exchange-rate targeting and monetary targeting by a number of industrialized countries and a lot of emerging marketing countries as a new monetary policy t^amework which have showed more advantages and flexibihties to gain long-run price stability and finance stability. Currently, China＇s economy has faced problems such as domestic monetary demand instability, imbalance of internal and external economy and financial imbalance, under the conditions that exchangerate targeting and monetary targeting can＇t make effective controls on price stability and finance stability, it is need to adjust the manner of conducting monetary policy to adowpt the new framework of inflation targeting.

关 键 词：汇率目标制 货币目标制 通货膨胀目标制 价格稳定 金融稳定 

分 类 号：F831[经济管理—金融学]