钉住制度、国际收支失衡与比索危机  

Peg System,International Payments Imbalances and the Peso Crisis

作　　者：王宇[1] 

机构地区：[1]中国人民银行,北京100800

出　　处：《南方金融》2014年第10期50-56,共7页South China Finance

摘　　要：1994年12月,墨西哥金融危机爆发,并很快波及其他拉美国家,形成了一场震惊世界的拉美经济危机。比索钉住美元的汇率制度是此次危机的根源,国际收支失衡是此次危机的导火索。本文在宏观经济学的框架内,尝试分析钉住制度、国际收支失衡与比索危机之间的内在联系,并从钉住制度的退出时机和顺序的选择、货币政策与汇率政策的实施、钉住制度造成本币高估及其负面影响、经常项目逆差的潜在风险、过分依赖外国资本的弊端以及社会稳定的重要性等方面总结了墨西哥金融危机的启示。In December 1994, the Mexican financial crisis spread to other Latin American countries and format the Latin American economic crisis that shocked the world. The Peg system of the exchange rate regime is the root cause of the crisis, and the international payments imbalances is the fuse of the crisis. Within the framework of Macroeconomics, this paper internal relations among Peg system, international payments imbalances and the Peso crisis. At last, the paper summarizes the revelation of Mexican financial crisis from selection of the timing and sequence of Peg system＇s exit, implementation of monetary policy and exchange rate policy, the currency overestimating and its negative impact from peg system, potential risks of the current account deficit, the drawbacks of excessive reliance on foreign capital and the importance of social stability.

关 键 词：墨西哥金融危机 钉住制度 国际收支失衡 比索危机 

分 类 号：F831.6[经济管理—金融学]