东亚货币竞争性均衡与人民币货币锚效应

人民币的升值空间,取决于东亚货币的集体竞争性均衡。东亚货币的集体升值,有助于缓解全球国际收支失衡,提高东亚经济的福利水平。东亚区域已经存在通过人民币的升值带动东亚区域整体升值的基础,人民币升值并不必然导致出口竞争力的下降,却能起到提高区域福利水平,缓解全球国际收支失衡的作用。

CURRENCY COMPETITIVE EQUILIBRIUM IN EAST ASIA AND RENMINBI ANCHOR EFFECT

The appreciation space of Renminbi is determined by collectively competitive equilibrium in East Asian currency.Collective appreciation of East Asian currency makes for relieving international income and expense imbalance all over the world and raises the welfare level of East Asian economy.The foundation that makes Renminbi appreciation drive the whole East Asian region's appreciation has already existed in this area.Renminbi appreciation will not necessarily lead to the decline of export competence,instead,it can raise regional welfare level and relieve the effects of international income and expense imbalance.