CAJ | 학술논문

国际收支双顺差是人民币升值压力的根源。针对目前宏观经济形势的新特点，本文从Mundell—Fleming模型的视角出发，认为目前比较适合在维持汇率政策基本稳定的前提下，搭配使用紧缩的货币政策和稳中趋松的财政政策，前者侧重总量调节和自身功能优化，后者侧重于结构调节与资源配置。我国应借助人民币升值的历史机遇，加快进行产业结构的调整与升级，转换外贸增长方式，推行以扩大内需为基点的经济发展战略，从源头上缓解升值带来的负面影响。
국제수지쌍순차시인민폐승치압력적근원。침대목전굉관경제형세적신특점，본문종Mundell—Fleming모형적시각출발，인위목전비교괄합재유지회솔정책기본은정적전제하，탑배사용긴축적화폐정책화은중추송적재정정책，전자측중총량조절화자신공능우화，후자측중우결구조절여자원배치。아국응차조인민폐승치적역사궤우，가쾌진행산업결구적조정여승급，전환외무증장방식，추행이확대내수위기점적경제발전전략，종원두상완해승치대래적부면영향。
From the perspective of Mtmdell - Fleming Model, this paper proposes that at present it is wise to combine tight monetary policy with moderately expansive fiscal pohcy. The former focuses on cooling down the overheated economy while the latter highlights structural adjustment and resources allocation. Both of them aim at promoting economic institutional reforms and easing negative impacts caused by RMB exchange rate appreciation.