开放经济条件下的货币政策国际协调

开放经济导致各国在经济领域的相互影响和相互依存日益加深,一国货币政策的实施不仅调节着本国经济,也会对他国的经济运行产生影响,从而产生货币政策溢出效应。国际实践和实证分析表明,通过货币政策的国际协调可以降低这种溢出效应,取得更优的政策效果。布雷顿森林体系的建立,是一次重要的货币政策国际协调实践。近年来国际社会虽然建立了一些峰会机制,但货币政策的国际协调并未取得实质性成果,其中的原因是多方面的。为了提高货币政策国际协调的效果,需要加强各国货币政策信息的交流,建立规则性的协调机制,提高各国中央银行在货币政策制定和危机管理等方面的联合行动水平。

International Coalition of Monetary Policy in Open Economy

Open economy deepens mutual interdependence among countries. Monetary policy is no longer con-fined to geographic boundary. It exerts effect on many other economies. That is so-called spillover effect of monetary policy. As experience and analysis proves,international coalition of monetary policy will dampen the extent of spillover effect,so as to better achieve policy target. Bretton Woods System,for example,is an illustration of such ex-perience. We need to promote the communication among countries,set up regular coalition mechanism,and improve performance of central banks in monetary policy making and crisis management.