摘要
汇率形成机制与资本管理程度是开放经济最重要的两个政策安排。世界各国推进资本账户开放的动因各不相同,其中最主要的是通过资本的跨国界自由流动提高资源的配置效率。但是,近年来新兴市场国家(部分起因于资本流动过快)频繁发生的金融危机告诫我们对资本账户开放应持更谨慎的态度,而且汇率机制与资本账户管理程度必须密切配合,彼此协调,才能避免国际收支的严重失衡。文章通过阐述汇率安排与资本账户开放的关系,指出中国应循序渐进地放松资本管制和开放资本账户,逐步增大汇率制度弹性空间,最终实现资本账户开放和有管理的浮动汇率制度。
The two most important policy arrangements of the Open Economy are the formation mechanism of exchange rate and the extent of capital management. Countries of the world have different purposes on the opening of capital account.The most important reason is to improve efficiency of resources deployment by international capital transfer.But in recent years, Financial Crisises are happening frequently in many emerging economies ,which warn us that we should open the capital account with prudence.The formation mechanism of exchange rate and the extent of capital management must cooperate perfectly and coordinate efficiently so as to avoid serious disequilibrium of balance of payment.Through the relationship between the formation mechanism of exchange rate and the extent of capital management ,this article presents that China should relax capital control and open capital account gradually,then enlarge the space of exchange rate step by step.Finally the opening of capital account and the floating-rate system could come true.
出处
《企业技术开发》
2009年第8期112-114,共3页
Technological Development of Enterprise
关键词
汇率形成机制
资本账户
the formation mechanism of exchange rate
capital account
