美国实际利率变动影响研究:汇率制度视角  

The Effect of American Real Interest Rate Fluctuation:from Perspective of Exchange Rate Regime

作　　者：许姣丽[1] 

机构地区：[1]五邑大学经济管理学院,广东江门529020

出　　处：《南方金融》2012年第10期37-40,共4页South China Finance

摘　　要：一个经济体在受到实际利率冲击时,汇率制度会对其影响机制产生重要的影响。本文以汇率制度为视角,通过构建SVAR模型,分析美国实际利率冲击对中国经济的影响,并与其对新加坡的影响进行比较研究。结果表明,固定汇率制度受外部冲击影响更大,美国实际利率冲击对中国产出波动的影响程度大于对新加坡的影响;实际利率冲击在两国的传导机制不同,在中国主要通过国内利率渠道进行传导,在新加坡则主要通过汇率渠道进行传导。Exchange rate regime plays an important role on economic volatility transmission when a country encounters real interest rate shocks. On exchange rate regime perspective, by constructing the SVAR model, this paper studies the effect of American real interest rate shock on China＇s economic fluctuations, compared with Singapore. It shows that the fixed exchange rate system plays a more violent role to external shocks. The American real interest rate shock has a more remarkable effect on the output of China compared with Singapore. The transmission mechanism of the real interest rate is different in the two countries, namely in China, the main transmission channel is the domestic interest rate, while in Singapore it is mainly exchange rate channel.

关 键 词：汇率制度 实际利率冲击 传导机制 美国 

分 类 号：F827.12[经济管理—财政学] F837.12F224