西方外汇干预预期传导途径理论演进——兼评当前金融经济形势下中国外汇干预实践  

The Evolution of Anticipation Transmits Approach Theory of Western Countries Foreign Exchange Intervention:Review on Chinese Practice of Foreign Exchange Intervention under the Current Economic and Financial Situations

作　　者：严丹[1] 陆志明[2] 张立军[3] 

机构地区：[1]华南理工大学工商管理学院,广州510640 [2]复旦大学社会发展与公共政策学院,上海200433 [3]中国人民银行广州分行,广州510120

出　　处：《上海立信会计学院学报》2010年第1期92-96,共5页Journal of Shanghai Lixin University of Commerce

基　　金：湖南省社科基金课题(08YBA042);湖南省教育厅开放课题(08K010)

摘　　要：在西方各国从固定汇率制向浮动汇率制过渡的过程中,外汇干预的力度不仅没有被削弱,反而表现出不断加强的趋势。这与外汇干预稳定汇率预期、平滑经济波动的作用是密切相关的。中国自2005年7月宣布人民币汇率形成机制改革,参考一篮子货币进行调节以后,如何通过外汇干预引导市场预期,使汇率变动向有利于宏观经济稳定的方向发展,已成为学术界研究的热点。文章旨在总结西方国家外汇干预的预期传导途径理论,并将其与中国当前所面临的世界性次贷金融经济风险相结合,希望能为中国的外汇干预实践提供助力。The strength of foreign exchange intervention had been enhanced when western countries transited from fixed foreign exchange rate system to floating foreign exchange rate system. It is closely correlated with foreign exchange intervention, which can stabilize foreign exchange anticipation and smooth economic fluctuation. It becomes a research hotspot to guide market anticipation through foreign exchange intervention after China central bank announced the reform of RMB foreign exchange form system. This paper summarizes anticipation transmits approach theories of foreign exchange intervention of western coun- tries, combines these theories with Chinese practice of worldwide risk under subprime mortgage crisis and hopes to do help for practice of foreign exchange intervention in China.

关 键 词：外汇干预 预期传导途径 稳定宏观经济 

分 类 号：F831.1[经济管理—金融学]