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开放经济下的货币政策独立性:一个理论框架——兼论货币区的“三元悖论”之解 被引量:12

A Theoretical Framework for the Independence of Monetary Policy in Open Economy——Solution to Trilemma in Currency Area
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摘要 美国次贷危机引发本轮全球性金融危机凸显了以美国为核心的“金融资本主义模式”和以美元为核心国际货币金融体系的制度性缺陷,改革现行以美元为核心的国际货币金融体系势在必行,建立货币区是较为现实的选择。但在现行货币政策框架下,货币区不可避免处于“三元悖论”困境。本文提出的贷款准备金政策框架模型能够解决货币区在保证其内在要求的资本自由流动和汇率稳定基本前提下,区内各个成员保持货币政策独立性问题。 This global financial crisis triggered by the U.S. subprime crisis has highlighted some institutional shortcomings of the U.S. centered "model of financial capitalism" and the U.S. dollar-centered international monetary and financial systems, which must be reformed. To this end, the establishment of currency areas is a realistic option. However, the "Trilemma" in currency areas is inevitable under the current monetary policy framework. Therefore, the paper puts forward a framework model of loan reserve requirement policy, which can enable each member of a currency zone to maintain its independence of monetary policy with the premise of meeting the inherent requirement to ensure the free movement of capital and exchange rate stability in the area.
作者 黄飞鸣 Huang Feiming
出处 《国际金融研究》 CSSCI 北大核心 2009年第11期13-18,共6页 Studies of International Finance
基金 本文系国家社科重大项目“扩大国内需求的宏观经济政策研究”(项目号:08&ZD034)和教育部人文社科专项项目(项目号:07JD790007)的阶段性成果.
关键词 货币政策 贷款准备金 货币区 三元悖论 Monetary Policy Loan Reserve Requirements Currency Area Trilemma
作者简介 黄飞鸣,金融学博士,厦门大学经济学院副教授。
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参考文献11

  • 1黄飞鸣.金融衍生品、美元本位制与全球金融危机[J].税务与经济,2009(4):6-10. 被引量:7
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