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资本账户开放对浮动汇率制度福利的非线性效应:以新兴市场经济体为例
引用本文:阙澄宇,马斌.资本账户开放对浮动汇率制度福利的非线性效应:以新兴市场经济体为例[J].数学的实践与认识,2013,43(10):77-88.
作者姓名:阙澄宇  马斌
作者单位:东北财经大学 国际经济贸易学院,辽宁 大连,116025
基金项目:2011年辽宁省教育厅科学研究一般项目"中国-东盟自由贸易区框架下人民币区域化研究"
摘    要:通过构建一个带有随机冲击的开放经济模型,采用比较静态分析与动态分析相结合的方法,探讨了新兴市场经济体资本账户开放对浮动汇率制度福利变化的影响.结果显示,资本账户开放度对浮动汇率制度的福利变化具有显著的非线性效应.浮动汇率制度"吸收器"功能的有效发挥不仅取决于一国资本账户开放度偏离其最优资本账户开放度的位置,还受本国资本账户开放度变化量的影响.得到我国资本账户开放进程中人民币汇率制度改革的启示是:我国仍应在坚持可控、渐进的原则下,逐步推进人民币汇率制度改革与资本账户开放,并注意两者之间的搭配与协调.

关 键 词:资本账户开放  浮动汇率制度  动态影响  非线性效应

Nonlinear Effects of Capital Account Openness on the Welfare of the Floating Exchange Rate Regime: Take the emerging market economies for instance
QUE Cheng-yu , MA Bin.Nonlinear Effects of Capital Account Openness on the Welfare of the Floating Exchange Rate Regime: Take the emerging market economies for instance[J].Mathematics in Practice and Theory,2013,43(10):77-88.
Authors:QUE Cheng-yu  MA Bin
Institution:(School of International Economy and Trade,Dongbei University of Finance and Economics,Dalian 116025, China)
Abstract:Through constructing an open economy model with stochastic shock mechanism, this paper analysis the effects of emerging market economies' capital account openness on the welfare changes of the floating exchange rate regime with the method of combining comparative static analysis and dynamic analysis.The result shows that capital account openness has significant nonlinear effect on the welfare changes of the floating exchange rate regime. Whether the floating exchange rate regime acts as an "absorber" effectively depends not only on the position of the degree of capital account openness' s deviating from its optimal value, but also the variables of the degree of one' s capital account openness.The paper gets the enlightenment on the reform of the RMB exchange rate regime in the process of capital account openness.It is concluded that China should adhere to push forward the reform of the RMB exchange rate regime and the opening of capital account in the controlled and gradual principle.Their coordination is also noted.
Keywords:capital account openness  floating exchange rate regime  dynamic impact  nonlinear effect
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