印度汇率制度的改革及对中国的启示  

India's Exchange Rate System Reform and its Inspiration for China

作　　者：陆前进[1] 柴天仪[1] 

机构地区：[1]复旦大学国际金融系

出　　处：《国际金融研究》2011年第5期13-22,共10页Studies of International Finance

基　　金：国家自然科学基金(70673011);上海市哲学社会科学规划课题(2008BJB024);复旦大学中国经济国际竞争力创新基地国际金融方向子课题的资助

摘　　要：本文通过对印度汇率制度改革的相关内容进行研究,分析了汇率制度改革对于印度经济发展的影响。文章研究发现印度汇率制度转变为有管理的浮动汇率制后,印度卢比对主要货币汇率弹性增加的同时,实际有效汇率维持了稳定,国际收支有所改善并抵御了金融危机的冲击,这主要得益于汇改后印度央行加强了对有效汇率的干预。但另一方面,大量的干预也导致央行外汇资产急剧增加,包括短期资本流入增加,净国内资产大幅度下降,影响了干预的持续性和国内金融体系安全。在此基础上,通过中印比较,文章针对中国的汇率改革提出了一些建议。The paper studies the reform of India＇s exchange rate system and discusses its influence on India＇s economic development. The paper finds that although rupee＇s exchange rate against major international currencies showed much more flexibility after the reform, its effective exchange rate maintained stable and the balance of payments had been improved, which could be mainly attributed to the intervention of India＇s reserve bank on the effective exchange rate. However, such intervention also led to the sharp rise in India＇s foreign exchange reserve, including the increasing inflows of short term capital and remarkable decrease of central bank＇ s net domestic assets, which could affect the sustainability of the intervention and threaten the safety of the financial system. At the end of the paper, we compare the situation in China and India, and put forward several suggestions for the exchange rate system reform in china.

关 键 词：印度汇率制度 管理浮动 国际收支 

分 类 号：F831[经济管理—金融学]