| 完善人民币汇率形成机制的改革措施:机理与次序 |
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| 引用本文： | 王曦,才国伟.完善人民币汇率形成机制的改革措施:机理与次序[J].国际金融研究,2006(12). |
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| 作者姓名： | 王曦 才国伟 |
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| 作者单位： | 中山大学岭南学院金融系，中山大学岭南学院 |
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| 基金项目： | 2005年全国百篇优秀博士学位论文作者专项基金(No.200504)，2006年国家社会科学基金(06BJY115)的资助。 |
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| 摘 要： | 当前研究未能说明汇率制度改革措施作用于汇率形成机制的机理,也就不能确定各种改革安排的合理次序。有鉴于此,本文首先利用随机存货理论,依据结售汇制的微观市场安排,建立了我国外汇交易市场的有效外汇需求函数。之后,结合外汇供给方面建立了分析人民币汇率形成机制的理论框架。最后据此框架,我们论证了各种改革措施对人民币汇率形成机制和稳定机制的影响,并根据其影响提出了改革安排的具体次序。
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| 关 键 词： | 人民币汇率 形成机制 机理 次序 |
The Reform Measures to Improve the Deterministic Mechanism of RMB Exchange Rate:Effects and Order |
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| Wang Xi Cai Guowei.The Reform Measures to Improve the Deterministic Mechanism of RMB Exchange Rate:Effects and Order[J].Studies of International Finance,2006(12). |
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| Authors: | Wang Xi Cai Guowei |
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| Institution: | Wang Xi Cai Guowei |
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| Abstract: | Current studies fail to provide a formal analysis about the deterministic mechanism of RMB market-equilibrium exchange rate,and hence fail to rank the order of various reform measures.In view of this,the researcn first derives the effective foreign-exchange demand function based on participants' micro behaviors in China's inter-bank foreign-exchange market by applying stochastic inventory theory.In succession,a non-equilibrium analytical framework is established to explore possible deviations from market-equilibrium exchange rate.Finally,we analyze the effects of various reform measures on the deterministic and stabilizing mechanism of RMB exchange rate,and accordingly,the order of measures has been designed. |
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| Keywords: | RMB Exchange-rate Deterministic Mechanism Effect Order |
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