| 资本项目开放下汇率制度与货币政策独立性的实证研究--关于亚洲国家和地区 |
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| 引用本文： | 王华,白延红,徐剑刚.资本项目开放下汇率制度与货币政策独立性的实证研究--关于亚洲国家和地区[J].预测,2003,22(3):17-20. |
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| 作者姓名： | 王华 白延红 徐剑刚 |
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| 作者单位： | 复旦大学,管理学院,上海,200433 |
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| 摘 要： | 本文以泰国、韩国、香港和新加坡等国或地区为研究对象，利用误差修正模型检验在资本项目开放下，不同汇率制度与货币政策独立性之间的关系。结果表明，在资本项目开放下，实行更为灵活汇率制度的国家或地区享有更多的货币政策独立性。这对我国有参考意义：将来我国资本项目开放，若要享有更多的货币政策独立性，应实行更为灵活的汇率制度。
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| 关 键 词： | 汇率制度 货币政策独立性 利率 ECM模型 |
| 文章编号： | 1003-5192(2003)03-0017-04 |
The Empirical Study of the Exchange Rate Regime and the Monetary Independence in the Open Capital Markets:about Asian Countries and Regions |
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| Abstract: | This paper empirically tests the relationship between exchange rate regime and monetary relationship in the open capital markets. With the analysis of the ECM model and using data mainly from Asian countries and regions, such as Thailand, Korea, Hong Kong and Singapore, we get the result that indeed those who have more flexible exchange rate regimes gain more monetary independence. As China is going to open her capital market, it is advised that the authority should gradually adopt more flexible exchange rate regime in the future if China wants to maintain the independence of the domestic monetary policy. |
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| Keywords: | exchange rate regime monetary independence interest rates ECM model |
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