CAJ | 학술논문

开放经济条件下，本国实施货币政策时会引起国际资本流动，国际资本流动通常会对本国货币政策的实施过程产生抵消作用。本文研究发现，国际资本流动对本国货币政策的抵消效应与国际资本流动形式有关。理论与实证研究均表明，国际债权资本流动对本国货币政策实施过程以抵消效应为主，国际股权资本流动对本国货币政策实施过程以推动效应为主。当国际资本流入中股权和债权投资比较均衡时，无论是实行浮动汇率制度还是固定汇率制度，本国货币政策对国内经济的调节自主权均显著提高。
개방경제조건하，본국실시화폐정책시회인기국제자본류동，국제자본류동통상회대본국화폐정책적실시과정산생저소작용。본문연구발현，국제자본류동대본국화폐정책적저소효응여국제자본류동형식유관。이론여실증연구균표명，국제채권자본류동대본국화폐정책실시과정이저소효응위주，국제고권자본류동대본국화폐정책실시과정이추동효응위주。당국제자본류입중고권화채권투자비교균형시，무론시실행부동회솔제도환시고정회솔제도，본국화폐정책대국내경제적조절자주권균현저제고。
In an open economy, monetary policy will have obvious effects on international capital flows, and international capital flows will have offset effects on monetary policy in host country. We have found that the offset effects related to international capital flows depend on the mode of international capital flows. The debt-capital flow has active offset effects on monetary policy in host country, but the equity-capital flow has positive ones. When equity-capital and debt-capital flow into host country at the same time, the monetary policy in host country will be able to play active role in managing domestic economy.