金融教育研究
金融教育研究
금융교육연구
JOURNAL OF JIANGXI FINANCE COLLEGE
2012年
1期
19-23,27
,共6页
人民币升值%内外均衡%货币政策的两难选择
人民幣升值%內外均衡%貨幣政策的兩難選擇
인민폐승치%내외균형%화폐정책적량난선택
RMB appreciation%internal and external balance%monetary policy dilemma
文章通过对导致人民币升值的内、外原因进行分析的基础上，利用斯旺模型和政策组合模型阐释了目前我国货币政策所处的困境。研究结果表明：政府利用财政、货币政策作为统一的政策工具进行需求管理时，在我国失业、通胀与国际收支顺差并存经济条件下，货币政策难以实现对内与对外的同时均衡。如何充分发挥货币政策的作用，需要货币政策本身的完善，也需要货币政策与其他政策的协调。
文章通過對導緻人民幣升值的內、外原因進行分析的基礎上，利用斯旺模型和政策組閤模型闡釋瞭目前我國貨幣政策所處的睏境。研究結果錶明：政府利用財政、貨幣政策作為統一的政策工具進行需求管理時，在我國失業、通脹與國際收支順差併存經濟條件下，貨幣政策難以實現對內與對外的同時均衡。如何充分髮揮貨幣政策的作用，需要貨幣政策本身的完善，也需要貨幣政策與其他政策的協調。
문장통과대도치인민폐승치적내、외원인진행분석적기출상，이용사왕모형화정책조합모형천석료목전아국화폐정책소처적곤경。연구결과표명：정부이용재정、화폐정책작위통일적정책공구진행수구관리시，재아국실업、통창여국제수지순차병존경제조건하，화폐정책난이실현대내여대외적동시균형。여하충분발휘화폐정책적작용，수요화폐정책본신적완선，야수요화폐정책여기타정책적협조。
Based on the analysis of internal and external factoi, s causing the appreciation of RMB, this paper states the current dilemma of China＇ s monetary policy by using Swan Model and Policy Model. The result of the research shows that, when fiscal and monetary policies are set as unified policies by government for demand management, and on the economic condition upon unemployment, inflation and surplus on the balance of payment, the goal of balance of both internal and external is hard to meet only by monetary policy. Taking full advantage of monetary policy does not only require the improvement of monetary policy itself,but also the coordination of monetary policy and other policies as well.
