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汇率制之短,建立一种既有灵活性又有稳定性的汇率制度。所以我们要选择适当时机扩大人民币汇率的浮动区间,增加汇率政策的灵活性。

三、积极发展国内各项经济指标,使其与实行的汇率水平一致。同时改革外汇管理体制,使得央行仅在必要时干预外汇市场,熨平汇率的短期波动,而汇率的长期均衡水平则由市场确定。█

表八:本文中涉及到的有关经济指标

年份 GDP (亿元) 净出口(亿元) 1985 1986 1987 1988 1989 1990 1991 8964.4 10202.2 11962.5 14928.3 16909.2 18547.9 21617.8 -448.9 -416.2 -144.2 -288.4 -243.9 411.5 428.4 居民消费(亿元) 4625.7 5214.1 6011.5 7694.1 8588 9180.9 10377.7 2543.2 3120.6 3791.7 4753.8 4410.4 4517 5594.5 115.6157 100.5049 100.4070 97.94987 97.17236 101.1677 100.4190 0.223579 0.216121 0.189106 0.166878 0.166997 0.166250 0.156659 2.9367 3.4528 3.7221 3.7221 3.7651 4.7832 5.3222 163.6240 144.9285 129.4224 116.8273 106.7696 98.79447 92.49778 投资贸易 条件 政府开支比重 名义汇率 均衡 汇率 (亿元) 21

1992 1993 1994 1995 1996 1997 1998 1999 26638.1 34634.4 4662.3 58260.5 67800 74462.6 79552.8 82054 233 -701.4 461.7 1403.7 1019 3354.2 3605.5 2423.3 12537.3 15774.6 20925.8 27082.7 32322.9 35035.6 37093.5 39510.2 8080.1 13072.3 17042.1 20019.3 22913.5 24941.1 28406.2 29854.7 98.26247 96.78274 100.0785 100 102.7363 104.9641 100.0048 97.5 0.140483 0.134037 0.124246 0.117124 0.117073 0.124003 0.135736 0.157911 5.5146 5.7620 8.6187 8.3510 8.3142 8.2898 8.2791 8.2783 87.65255 84.12522 81.78071 80.44973 79.89949 79.84227 80.01249 80.25335

参考文献

[1]、陈彪如:《人民币汇率研究》,华东师范大学出版社1992年版; [2]、崔孟修:《现代西方汇率决定理论研究》,中国金融出版社2002年版; [3]、龚关:《国际金融理论》,现代经济学前沿丛书,武汉大学2000年版; [4]、郭建泉:《汇率制度的演变趋势与我国的选择》,《管理世界》2001年第4期;

[5]、郭建泉、周茂荣:《弹性汇率制度下资本控制的经济效应——一个基于修正的Dornbusch“超调”模型的动态学分析》,《经济研究》编辑部等2002年版; [6]、姜波克:《开放经济下的政策搭配》,复旦大学出版社1999年版;

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[7]、沈程翔:《中国出口导向型经济增长的实证分析:1977-1998》,《世界经济》1999年第12期;

[8]、王明舰:《中国通货膨胀问题分析—经济计量方法与应用》,北京大学出版社2001版;

[9]、杨帆:《人民币汇率研究—兼论国际金融危机与中国涉外经济》,首都经济贸易大学出版社1999年版;

[10]、张曙光等:《贸易、资本流动与汇率政策》,《经济研究》1997年第10期;

[11]、张晓朴:《人民币均衡汇率研究》,中国金融出版社2001年版; [12]、Cristrian Gourieroux and Joann Jasiak(2001),“Financial Econometrics—Problems,Models,and Methods”,Princeton University Press; [13]、Dornbusch,R,(1976)“Expectations and Exchange Rate Dynamics”,Journal of Political Economy,Vol.84(6),pp.1161-1176;

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[18]、Robert L.Devaney:“Chaotic Dynamical Systems”,Addison-Wesley Publishing Company,Inc;

[19]、Sebastian Edwards,1989,“Real Exchange Rates,Devaluation,and Adjustment Exchange Rate Policy in Developing Countries”,the MIT Press; [21]、Sims.C.(1972):“Money,Income and Causality”,American Economic Review,vol 62,540-552。

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RESEARCH ON THE EXCHANGE RATE OF RMB

Abstract:Exchange rate is of great importance to one country.How to establish the correct level of exchange rate as well as the corresponding policy,is related with the development of economy in the long run.

Based on related equilibrium exchange rate models,we establish equilibrium exchange rate model of RMB,and concentrate on effects of kinds of variables.Then via causality theory,we make empirical analysis of the relationship between RMB exchange rate and the economic growth concluding that there exist double-direction causality between them.So we could expect a positive and rational exchange rate policy. Key words:exchange rate of RMB;model;empirical analysis;causality;economic geowth.

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