马来西亚的管理浮动汇率制:汇率波动、外汇干预与改革模式  

Managed Floating System in Malaysia: Fluctuation,Intervention and Its Reform

作　　者：刘兴华[1] 付瑞华 胡芳[2] Liu Xinghua;Fu Ruihua;Hu Fang

机构地区：[1]江西财经大学金融学院 [2]江西财经大学

出　　处：《南亚东南亚研究》2018年第4期73-81,119,共10页South and Southeast Asian Studies

基　　金：江西省高校人文社会科学研究项目“世界经济周期性波动的新特征及我国的应对策略研究”(GJW161001)的阶段性成果

摘　　要：2005年,马来西亚实行新世纪以来的第一次"汇改",摒弃因应危机特殊举措的钉住汇率制,转而实施小型经济体"偏好"的管理浮动汇率制,此次"汇改",旨在增强林吉特的汇率弹性,强化货币当局对林吉特的动态管理,提高马来西亚的货币政策独立性。作为开放经济的一个重要变量,汇率受到经济、政治、市场预期及美联储调息、国际油价变化等多种因素的交互影响,近年来,林吉特呈现出"升值—贬值—震荡—再升值"的周期波动特征,东南亚的"美元本位"使马来西亚汇率安排中美元仍贵为货币篮子的第一大权重货币。对于目标区间的汇率变化,马来西亚货币当局持"善意的忽视"态度,让林吉特汇价体现市场需求变化。对于突破干预边界的汇率走势,货币当局则相机抉择,采用外汇储备、资本限制、利率调整等直接或间接方式进行干预。在未来,马来西亚将渐进放松资本限制,资本防火墙的消除迫使马来西亚汇率制度面临重新选择,调整货币篮子、扩大波动区间、完善救援机制、深化储备库建设或将是马来西亚汇率制度改革的新方向。The first exchange rate innovation was implemented in Malaysia in2005since new century.The pegged rate system as a special measure to deal witii the Asian crisis was abandoned,and managed floating system preferred small economies was chosen.The innovation’s target is to broaden the elasticity of exchange rate of Ringgit,to strengthen the dynamic management of Ringgit,and to improve the monetary policy's independence in Malaysia.As an important variable in open economy,the exchange rate is influenced by domestic economy,political affairs,Federal funds rat e and price change of crude.The exchange rate fluctuated in recent four years,experiencing appreciation,depreciation,concussion and appreciation again.However,US dollar is always the largest weight money in basket due to dollar standard in Southeast Asia.I the exchange rate of Ringgit runs under target zone,I the exchange rate of Ringgit breaks through the border that BNM determ ines,all kinds will be used,such as foreign reserve,capital control and interest rate adjustment.In future,capital control will be loosed gradually,and the exchange rate system will face with new choice after capital firewall disappear through adjusting currency basketball,enlarging fluctuation zone,perfecting rescue mechanism and deepening foreign reserve pool.

关 键 词：马来西亚 管理浮动汇率制 周期波动 外汇储备 资本限制 

分 类 号：F823[经济管理—财政学] F827.338