我国货币错配问题探讨

本文首先介绍了货币错配的概念,指出大规模的货币错配对一国金融体系的稳定性、货币政策的有效性和汇率政策的灵活性等方面会造成巨大的不利影响,甚至引发货币金融危机;然后,根据戈德斯坦和特纳提出的货币错配衡量指标对中国的货币错配现状进行了探讨,认为中国存在一定程度的货币错配,其风险表现为本币升值下净外汇资产净值的缩水;最后提出了相关的对策和建议。

Discussion on Problems of Currency Mismatch in China

This paper first introduces the conception of currency mismatch and then points out that a country with large currency mismatches will suffer adverse effects on stability of its financial system, efficiency of its monetary policies and flexibility of its exchange rate policies, even a currency or financial crisis. This paper discusses the situations of currency mismatch in China according to measures of currency mismatch raised by Goldstein and Turner, and makes a conclusion that there is currency mismatches to some extent in China which represents decrease risk of the domestic value of net foreign exchange assets in the presence of appreciation of RMB. Lastly, relative policy proposals are put forward.