国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2008年
11期
63~67
,共null页
购买力平价 人民币价值之谜 双效应-三阶段曲线
購買力平價 人民幣價值之謎 雙效應-三階段麯線
구매력평개 인민폐개치지미 쌍효응-삼계단곡선
Purchasing Power Parity; The Paradox of Renminbi＇s Value; ＂Double -effect with Three-stage Curve＂ .
以“购买力平价”为代表的传统国际金融理论认为货币的对内价值与对外价值应该一致，然而近年来，人民币凸显了以“对内贬值与对外升值并存”为特点的“价值之谜”。本文从购买力平价出发提出“人民币价值之谜”问题、在对“谜”的成因进行简单分析的基础上，讨论购买力平价的适用性问题，并进一步提出以决定通胀与升值关系的“双效应-三阶段曲线”假说来解释“谜”的现象。
以“購買力平價”為代錶的傳統國際金融理論認為貨幣的對內價值與對外價值應該一緻，然而近年來，人民幣凸顯瞭以“對內貶值與對外升值併存”為特點的“價值之謎”。本文從購買力平價齣髮提齣“人民幣價值之謎”問題、在對“謎”的成因進行簡單分析的基礎上，討論購買力平價的適用性問題，併進一步提齣以決定通脹與升值關繫的“雙效應-三階段麯線”假說來解釋“謎”的現象。
이“구매력평개”위대표적전통국제금융이론인위화폐적대내개치여대외개치응해일치，연이근년래，인민폐철현료이“대내폄치여대외승치병존”위특점적“개치지미”。본문종구매력평개출발제출“인민폐개치지미”문제、재대“미”적성인진행간단분석적기출상，토론구매력평개적괄용성문제，병진일보제출이결정통창여승치관계적“쌍효응-삼계단곡선”가설래해석“미”적현상。
The classic international finance theory, which takes Purchasing Power Parity as representative, considers that a currency＇s outside value should keep the same changing trend with it＇s inside value. While, Renminbi has shown a phenomenon that has been the coexistence of the domestic inflation and the external appreciation in recent years, which we called ＂the paradox of RMB＇s value＂ .This paper firstly introduces the paradox on the basis of Purchasing Power Parity. Secondly, the paper simply analyses the origin of paradox .Then the author makes a reappraisal on Purchasing Power Parity. Lastly the paper brings up a ＂double- effect and three-stage curve＂ hypothesis to explain the paradox . The hypothesis suggests that the relation of inflation and appreciation depends on the totality of substitute effect and complementary effect, and the totality divides the ＂inflation-appreciation＂ curve into three stages.
