人民币汇率、国际资本流动与货币政策有效性研究——基于修正BGT模型的实证分析
发布时间：2018-12-10 14:18
【摘要】：本文采用修正的BGT模型,实证研究了国际资本流动影响因素以及央行在面对国内外资本市场波动、金融体系变迁等情形下,货币政策实施方式及其效果。结果显示,随着意愿结售汇制度的实行和人民币汇率弹性的增强,央行的货币自主性得以加强;在开放环境下,国际资本流动受国内外利差、资本市场溢价、货币政策及汇率制度和外汇管理制度的影响。面对这些国内外冲击,央行进行了央票冲销或调整准备金率等的反向货币政策操作,以实现货币政策目标。
[Abstract]:Using the modified BGT model, this paper empirically studies the influencing factors of international capital flows and the ways and effects of monetary policy implementation by central banks in the face of the volatility of domestic and foreign capital markets and the changes of financial system. The results show that the central bank's monetary autonomy is strengthened with the implementation of the willing foreign exchange settlement system and the enhancement of RMB exchange rate elasticity. Under the open environment, the international capital flow is influenced by the domestic and foreign interest rate difference, the capital market premium, the monetary policy and the exchange rate system and the foreign exchange management system. In the face of these domestic and foreign shocks, the central bank has carried out reverse monetary policy operations such as central draft write-off or reserve ratio adjustment in order to achieve the monetary policy objectives.
【作者单位】： 上海交通大学安泰经济与管理学院;
【分类号】：F832.6;F822.0
[Abstract]:Using the modified BGT model, this paper empirically studies the influencing factors of international capital flows and the ways and effects of monetary policy implementation by central banks in the face of the volatility of domestic and foreign capital markets and the changes of financial system. The results show that the central bank's monetary autonomy is strengthened with the implementation of the willing foreign exchange settlement system and the enhancement of RMB exchange rate elasticity. Under the open environment, the international capital flow is influenced by the domestic and foreign interest rate difference, the capital market premium, the monetary policy and the exchange rate system and the foreign exchange management system. In the face of these domestic and foreign shocks, the central bank has carried out reverse monetary policy operations such as central draft write-off or reserve ratio adjustment in order to achieve the monetary policy objectives.
【作者单位】： 上海交通大学安泰经济与管理学院;
【分类号】：F832.6;F822.0
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