【摘要】：根據(jù)巴拉薩-薩繆爾森假說(shuō),一國(guó)經(jīng)濟(jì)在崛起時(shí)期通常都會(huì)面臨本幣升值的巨大壓力,在20世紀(jì)六七十年代崛起的日本和德國(guó)自然也不例外。然而,由于兩國(guó)在應(yīng)對(duì)日元和馬克升值過(guò)程中采取了不同的政策組合,具體可概括為被動(dòng)大幅升值與主動(dòng)漸進(jìn)升值的匯率政策、依附于匯率目標(biāo)的貨幣政策與獨(dú)立自主的貨幣政策、依附于匯率目標(biāo)的資本管制和放松資本管制以及政策搭配失誤和政策組合有效四個(gè)方面,由此帶來(lái)的不同政策效應(yīng)也給我國(guó)當(dāng)前應(yīng)對(duì)人民幣升值壓力以深刻啟示。
[Abstract]:According to the Balassa-Samuelson hypothesis, a country's economy usually faces great pressure to appreciate its currency during its rise, and Japan and Germany, which rose in the 1960s and 1970s, are no exception. However, since the two countries have adopted different policy combinations in dealing with the appreciation of the yen and the mark, they can be summed up as the exchange rate policies of passive and large appreciation and active gradual appreciation. The monetary policy which is dependent on the exchange rate target and the independent monetary policy, the capital control and the relaxation of the capital control of the exchange rate target, the mismatch of the policy and the efficiency of the policy combination. The different policy effects brought about by this also give our country a profound enlightenment to deal with the pressure of RMB appreciation at present.
【作者單位】： 廣東商學(xué)院金融學(xué)院;
【基金】：國(guó)家社會(huì)科學(xué)基金青年項(xiàng)目“金融危機(jī)后人民幣匯率大國(guó)博弈及中國(guó)對(duì)策研究”(項(xiàng)目編號(hào):11CGJ009),國(guó)家社會(huì)科學(xué)基金青年項(xiàng)目“金融危機(jī)下經(jīng)濟(jì)政策國(guó)際合作與沖突及中國(guó)的對(duì)策研究”(項(xiàng)目編號(hào):10CGJ015) 廣東省哲學(xué)社會(huì)科學(xué)規(guī)劃青年項(xiàng)目“后危機(jī)時(shí)代人民幣匯率的大國(guó)博弈與中國(guó)的對(duì)策”(項(xiàng)目編號(hào):GD10YYJ07)的階段性研究成果
【分類(lèi)號(hào)】：F832.6

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