中国汇率制度的改革逻辑:强化主权与内生推进  

Reform Logic of China's Exchange Rate System:Sovereign and Internal Promotion

作　　者：刘新华[1] 

机构地区：[1]陕西师范大学国际商学院金融系

出　　处：《经济社会体制比较》2012年第4期67-78,共12页Comparative Economic & Social Systems

基　　金：教育部人文社科青年项目(09YJC790176);教育部留学回国人员第42批启动基金"后凯恩斯视角下的财政与货币政策及其对中国启示"

摘　　要：危机以来,以美国为首的西方发达国家推动人民币升值可谓"表现积极",然而这种求它不求己的政策并未如其所愿地提振其国内经济。就中国而言,汇率制度改革一直内生推进,而建立"超主权货币"的设想由于缺乏有效理论和实践支撑,无法真正改变目前内外受困的被动局面。基于主权货币理论并结合中国汇率制度改革的内在逻辑,文章认为拥有主权货币的经济大国具有不受"汇率制度"约束而自主调控经济的灵活性与弹性,中国合理的汇率制度应该是中外经济交往内生发展的结果,而不是原因。过快推动或人为抑制人民币升值不但无助于贸易均衡的实现,反而会影响国内经济结构的调整和改革进程,而内生、渐进地实施浮动汇率制度改革不但能够强化人民币的"货币主权",保证国内经济稳定可持续发展,还可推动国际经济新秩序的形成。The dominant view is that if the Chinese currency appreciates, the trade imbalance between China and other countries will disappear. The Chinese government has been reforming its own exchange rate system, and China has long called for reformation of the international monetary system, preferring movement toward something like J. M. Keynes＇s ＂bancor＂. This paper uses the ＂Chartalism＂ approach to argue that China now has its own sovereign currency but with a fixed exchange rate, which attenuates its currency sovereignty to some extent. Moving to a floating rate would be best as it reduce domestic policy restraints. We conclude by pointing out some of the advantages of the floating exchange rate, and also stress that floating exchange rate reform with some capital control will help focus Chinese policies on maintaining domestic effective demand to achieve sustainable development.

关 键 词：主权货币理论 中国汇率制度 凯恩斯“Banco”设想 

分 类 号：F82[经济管理—财政学]