储备型汇率制度：发行非国际货币的发展中国家之选择
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| Title | Accumulation-Oriented Exchange Regime: The Choice of LDC’s Who Issue Non-international Currencies
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| 作者 | 龚刚 高坚 李炳念 |
| Author | Gong Gang, Gao Jian and Li Bingnian |
| 作者单位 | 南开大学经济学院，国家开发银行 |
| Organization | Nankai University; China Development Bank |
| 作者Email | gongg@nankai.edu.cn；libingnian@mail.nankai.edu.cn |
| 中文关键词 | 汇率制度 国际货币 发展中国家 |
| Key Words | Exchange Regime; International Currency; Developing Country |
| 内容提要 | 本文中我们将试图提出一种观点：发行非国际货币的发展中国家所选择的汇率制度通常可以形容之为“储备型汇率制度”。该种观点不仅与当今世界汇率与汇率制度分布之事实相一致，而且还可通过一个反映发展中国家中央银行行为的动态优化模型进行严格的理论证明。尽管“储备型汇率制度”可能与当前IMF所规定的反“货币操纵”条款相冲突，但是在当前这种不公正和非对称的国际货币体系下，该制度无疑是发展中国家的最优选择。 |
| Abstract | In this paper, we provide an argument that the exchange regime adopted by LDC’s who issue non-international currencies might be regarded as an accumulation-oriented exchange regime (AOER). This is consistent with the observed distribution of exchange rates and exchange regimes across the world. It can also be demonstrated by a simply dynamic optimization model that re.ects the optimum behavior of a central bank from LDC’s. Although AOER might be in contrast to the provision with regard to "currency manipulator" set up by IMF, it is however an optimum choice by LDC.s under the current asymmetrical international .nancial order, which itself is unfair to LDC.s who issue non-international currencies. |
| 文章编号 | WP210 |
| 登载时间 | 2012-01-17 |
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