汇率政策、FDI与经济增长

中央货币当局的汇率政策和资本管制政策的目标之一在于促进FDI流入中国,并且带来技术进步及全要素生产率的提高,从而促进经济增长。但是中央货币当局的汇率政策却会越来越受制于引进技术部门凸性生产函数的限制,从而使得汇率政策的作用下降。因此,中央货币当局应当审慎考虑自己的汇率政策,依据国民经济发展的不同状态和生产函数的具体特征而重新估计汇率政策的作用和代价。

Exchange Rate Policy, FDI and Economic Growth

This paper points out that promoting FDI,which can improve technology progresses and TFP and help to promote economic growth,is one of the monetary authorities' most important targets.But the effect of this policy is reduced because of the restriction of the convex production function of the economy sector which introduces advanced technology.Therefore,the monetary authorities should consider the policy elaborately and re-evaluate the gains and the cost of the policy according to situation of the economy development and the characteristic of production function.