汇率制度虚报与中国的选择

汇率制度虚报是指公开宣称浮动汇率制度,但实际实行固定汇率制度的国家行为。这一现象在新兴市场经济体(包括中国)中很普遍。本文探讨了汇率制度虚报本身对经济发展正向效应的机制。文章指出,对于中国,公开宣称浮动汇率制度是争取主动权以应付可能的投机资本冲击,而操作层面的固定汇率制度是出于稳定通胀预期考虑的最优选择。文章进一步指出,这种虚实结合的汇率制度选择不应成为美国攻击人民币的借口。

False Declaration of Exchange Regime and China's Choice

False declaration refers to the behavior of openly declaring of float exchange regime, while actually intervene in exchange market to maintain exchange rate stable which is a phenomenon widely observed in less developing countries (including China). This paper probes into the positive effect of this phenomenon itself to economic development. Moreover, it points out that openly declaration of float regime is an initiative to prevent speculative capital inflow shock and actually conduction of fix regime is a choice to stable inflation expectation. Finally it states that such arrangement shouldnt be accused to be currency manipulation.