新兴市场国货币政策规则研究——基于开放经济的金融加速器模型  

A Study of Monetary Policy in Emerging Markets: A Financial Accelerator Model Based on Open Economy

作　　者：郑重[1] 

机构地区：[1]上海大学经济学院,上海200444

出　　处：《当代财经》2011年第10期65-72,共8页Contemporary Finance and Economics

摘　　要：新兴市场国所特有的经济现象如债务美元化、资本逆转,使得开放经济的金融加速器模型较传统经济理论更能适应新兴市场国货币政策分析需要。通过构建以中国经济数据作为参数选择依据的开放经济的金融加速器模型所做的研究,结果表明货币政策规则的表现排序会因冲击性质不同而出现变化;当世界利率冲击是主要的冲击来源时,浮动汇率的优势依然明显,这意味着新兴市场国的汇率"浮动恐惧症"的合理性尚待商榷。The economical phenomena specialized in the emerging markets,such as date dollarization,capital reversion and so on,make the financial accelerator model of open economy more adaptable than the classical economic theories to meeting the need of monetary policy analysis in emerging markets.This paper develops a financial accelerator model of open economy based on China＇s economic data as the selected parameters.The results show that the behavior order of the monetary policy rules will vary according to the nature of external shocks.When the world interest rate shocks become the main source of the shocks,the advantages of the floating exchange rate are still obvious,which means that the rationality of fear of floating exchange rate in emerging markets is open to questions.

关 键 词：新兴市场国 货币政策规则 金融加速器 汇率 浮动恐惧症 

分 类 号：F821.0[经济管理—财政学]