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外汇干预的透明度问题——借鉴与启示 被引量:1

Foreign exchange intervetion's transparancy —reference and inspiration
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摘要 2008年以来,人民币升值加速,且波动频繁,对中央银行合理调控和有效干预人民币汇率形成严峻的挑战。本文回顾了关于干预透明度问题的理论研究,并详细介绍了国外中央银行提高干预政策透明度的具体实践,希望为中央银行改进外汇干预,增强外汇干预有效性提供一个新的思路。 Since 2008, the RMB exchange rate have ap-preciated significantly and fluctuated frequently, which impose great challenge to the central bank of China. In this paper, we reviewed the theories on FX transparency, and introduced practices on improving transparency, all of which may provide novel perspec-tive for reforming in Chinese exchange rate interven-tion and transparency policy.
作者 陈硕
机构地区 暨南大学金融系
出处 《特区经济》 北大核心 2008年第10期77-78,共2页 Special Zone Economy
关键词 外汇干预 透明度 借鉴 intervention transparency reference
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参考文献7

  • 1Dominguez, K. and Frankel, A., 1993, Does Foreig n-Exchange Intervention Matter? The Portfolio Effect, American Economic Review, 83 (5), 1356-1369.
  • 2Fischer, Andreas M and Mathias Zurlinder, 1998 Intervention versus customer transactions: an alter native test of the signaling hypothesis, Gentre for E conomic Policy Research Discussion Paper, No.1864.
  • 3Foreign exchange market intervention in emergin g markets: motives, techniques and implications, BIS working paper,2005 No.24.
  • 4International Monetary Fund(1999): code of Good PraCtices on Transparency in Monetary and Financial Policies.
  • 5Mussa, M., 1981. The Role of Official Interventi on. Occasional Paper No. 6 New York: Group of Thirty.
  • 6Naranjo, A. and Nimalendran, M. 2000, Government Intervention and Adverse Selection Costs in Foreign Exchange Markets, Review of Financial Studies, 12, 873-900.
  • 7Peiers, Bettina, 1997, Informed Traders, Intervention, and Price Leadership: A Deeper View of the Microstructure of the Foreign Exchange Market. Journal of Finance.52 (4): 1589-1614.

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