货币区建设与货币政策的独立性：一个分析框架

美国次贷危机引发了全球性金融危机，这凸显了以美国为核心的“金融资本主义模式”和以美元为核心的国际货币金融体系的制度性缺陷，改革现行的以美元为核心的国际货币金融体系势在必行，建立货币区是较为现实的选择。但在现行货币政策框架下，货币区不可避免会出现“三元悖论”困境。本文提出的贷款准备金政策框架模型，能够解决货币区在保证其内在要求的资本自由流动和汇率稳定基本前提下，区内各个成员保持货币政策的独立性问题。

Constructing currency area and an analysical framework for the independence of monetary policy

The global financial crisis that U.S. subprime crisis has triggered highlights some institutional shortcomings of the United States as the core of the ＂mode of financial capitalism＂ and U.S. dollars as the core of the international monetary and financial systems, the reform of the current international monetary and financial systems will be imperative, the establishment of currency zones is a more realistic option. However, ＂Trilemma＂ in currency areas is inevitable in the current monetary policy framework. The framework model of loan reserve requirement policy is put forward in this paper, which can be solved the problem of each member of a currency area to maintain the independence of monetary policy under the currency area must ensure its inherent requirement of the free movement of capital and exchange rate stability premise.