渐进资本开放下中国货币政策的独立性

对中国资本流动程度和中国货币政策独立性的回归检验结果表明:中国的经济实践是符合不可能三角命题的。在1980—2003年间,在事实上钉住美元的固定汇率制度下,中国实行着较为严格的资本管制政策和享有独立的货币政策,但货币政策主要依赖于数量调控工具,汇率和利率的价格调控微乎其微,货币政策的独立性受到极大的挑战。

INDEPENDENCE OF CHINESE MONETARY POLICY UNDER GRADUAL OPENING OF CAPITAL

Regression test on Chinese degree of capital flow and the independence of Chinese monetary policy shows: Chinese experience accords with the impossible triangle proposition,under the fixed exchange rate system of pegging US dollar in fact during 1980 and 2003,China has strict capital regulation policy and independent monetary policy,while the monetary policy relies mainly on quantity adjustment rather than price adjustment of exchange rate and interest rate,so the independence of monetary policy is greatly challenged.