人民币资本项目可兑换：次序与条件--基于宏观经济政策效应分析视角  

RMB Capital Account Convertibility: Order and Conditions—Based on Analysis of Microeconomic Policy Effect

作　　者：中国人民银行济南分行资本项目管理处课题组 于正红[2] 赵文兴 

机构地区：[1]中国人民银行济南分行,山东济南250021 [2]中国人民银行济南分行资本项目管理处

出　　处：《金融发展研究》2013年第11期25-27,43,共4页Journal Of Financial Development Research

摘　　要：资本项目可兑换改革是金融改革开放的突破口,当前人民币资本项目可兑换进程逐渐加快。本文从宏观经济政策效应分析视角,结合我国特点对蒙代尔—弗莱明模型进行了延伸论证,提出了适时、择机的宏观政策搭配在推进资本项目可兑换进程中的必要性。通过借鉴韩国、日本等国家资本项目可兑换经验,发现资本项目可兑换并无统一模式可循,必须根据国情特点渐进开放,在此过程中国内金融市场发展及宏观审慎监管是必要的,同时还要保持适度临时性的资本管制措施。最后,根据我国当前国情特点提出了实现人民币资本项目可兑换的主要原则、条件与路径。Reform on capital account convertibility is the breakthrough of financial reform and opening-up, and currently the process of RMB capital account convertibility is accelerating. From the perspective of analyzing the effect of the macroeconomic policy and combined with China＇ s characteristics, this paper conducts the extended argument on Mundell-Flerning model and puts forward the necessity of promoting capital account convertibility process with timely, optimal macroeconomic policy. Based on the experience of South Korea, Japan and other countries, there is no unified model to follow for capital account convertibility. And it should open up gradually according to the situation of China and conduct macro-prudential regulation during the development of China＇ s financial market, while maintaining moder- ate and temporary capital regulation. Then, according to the current situation of our country, this paper puts forward the major principles, path and conditions for the convertibility of RMB capital account.

关 键 词：资本项目可兑换 政策效应 路径选择 

分 类 号：F830[经济管理—金融学]