摘要
本文从一个多维视角对汇率制度的选择做出理论综述。影响汇率制度选择的因素复杂多样,而对于不同经济发展水平的国家,这些影响因素本身又存在着很大的差异性,因而由这些多因素差异性决定的汇率制度必然呈现出多样化。在围绕汇率制度的选择争论中,形成了几个争议性假说:原罪论、稳定霸权论与汇率变动转移论、浮动论与恐惧浮动论、中间空洞论与反中间空洞论。根据现实中各国汇率制度选择的多因素差异性与变动性,笔者预测,汇率制度的选择是多种汇率制度形式并存与相互转换。
The paper makes a survey on the choice of exchange rate regime from a multi-dimension perspective. The findings show that there are multiple factors affecting the choice of exchange rate regime, moreover, among the countries of different economic development levels, these factors themselves are different. Therefore, exchange rate regimes determined by these multi-factors must be diverse. On the arguments of the choice of exchange rate regime, there are several debating hypotheses: doctrine of the original sin, stabilizing hegemony hypothesis, volatility-transfer hypothesis, fear of floating, and hollowing-out of intermediate regimes. Because of the multi-factor discrepancies and variations, I predict that the choice of exchange rate regime demonstrates the coexistence and mutual transition among multiple exchange rate regimes.
出处
《世界经济》
CSSCI
北大核心
2003年第12期15-24,共10页
The Journal of World Economy
基金
上海财经大学现代金融研究中心研究项目阶段性成果之一
