韩元升值对韩国货币政策与宏观经济的影响

首先,本文利用汇率弹性指数进行的分析表明,亚洲金融危机后韩元的汇率弹性有了较大程度的提高,韩国货币当局对外汇市场的干预倾向于烫平外汇市场的波动性而非抑制韩元的升值。其次,本文利用Girton-Roper(1977)模型分析结果显示,提高汇率弹性,实现货币升值,不仅可以减缓外汇储备增加的压力,还有利于更为独立的货币政策的实行。再次,本文利用弹性价格货币模型分析表明,韩国实行单独浮动汇率制之后,其宏观经济的稳定性有所提高;韩元升值并没有对其宏观经济造成冲击,反而有助于宏观经济的稳定。

The Impact of the Won Appreciation on the Monetary Policy and Macro-economy of South Korea

First,the index of exchange rate flexibility in the article shows that after the financial crisis in South Korea there has been a considerable improvement of exchange rate flexibility and the monetary authority intervened in the foreign exchange market tending to smooth the volatility of the market rather than inhibit the appreciation of the Korean won.Second,the application of the Girton-Roper(1977) model shows that the improvement of exchange rate flexibility and the appreciation of the Korean won can not...