作　　者： ; ;

机构地区： 中国人民大学

出　　处： 《国际金融研究》 2008年第6期69-75,共7页

摘　　要： "三元悖论"作为经典的金融理论之一,反映了开放经济条件下汇率稳定性、资本自由流动性和货币政策独立性三者不可兼得的矛盾,为我国2005年7月21日开始实行的"以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度"提供了理论依据。通过对我国经济中的"三元"即资本流动性、货币政策独立性以及汇率制度进行分析,在世界经济全球化和资本自由流动性不断增强的背景下,为保持我国货币政策的独立性,在2005年汇率改革的基础上,应该进一步扩大人民币汇率的浮动区间并研究、完善、及时调整货币篮子的币种及其权重,改善央行在外汇市场的干预机制,同时不断完善外汇市场产品和交易制度以及稳步推进利率市场化改革。 Trilemma, as one of the classic financial theories, reflects the paradox among stability of exchange rate, flow of capital, and independence of monetary policy in an open economy. It also supplies a theoretical basis for the latest exchange rate regime reform in China, which was launched on July 21st, 2005. By analyzing China＇s present situation of the three respects, i.e. flow of capital, independence of monetary policy and exchange rate regime, under the world economic globalization and the capital free movement strengthen unceasingly, with exchange rate reform in 2005, we should further expand the band of RMB exchange rate, study, improve, adjust the types and weights in currency basket in order to maintain the independence of monetary policy. Simultaneously, we should also improve all of the financial products and the finance markets unceasingly, advance the interest rate marketization steadily as well as improve the central bank＇s intervention mechanism in the exchange market.

关 键 词： 三元悖论 人民币汇率制度 货币政策

领　　域： [经济管理]