国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2009年
2期
65~71
,共null页
升值 外汇市场压力 G—R模型
升值 外彙市場壓力 G—R模型
승치 외회시장압력 G—R모형
Appreciation; Exchange Market Pressure; G-R model.
采用汇率弹性指数对人民币和马来西亚林吉特汇率弹性进行分析表明，汇率制度改革后．人民币和林吉特的汇率弹性有所增大，但是货币当局也在力图控制本币的升值趋势。采用G—R模型进行分析表明，中国和马来西亚本币升值压力是国内货币市场失衡的结果。汇率制度改革之后，两国外汇市场面临着更大的升值压力。分析还表明，如果外汇市场升值压力用汇率调整的方式吸收．外汇市场所面临的升值压力会减小．货币政策独立性会增强。
採用彙率彈性指數對人民幣和馬來西亞林吉特彙率彈性進行分析錶明，彙率製度改革後．人民幣和林吉特的彙率彈性有所增大，但是貨幣噹跼也在力圖控製本幣的升值趨勢。採用G—R模型進行分析錶明，中國和馬來西亞本幣升值壓力是國內貨幣市場失衡的結果。彙率製度改革之後，兩國外彙市場麵臨著更大的升值壓力。分析還錶明，如果外彙市場升值壓力用彙率調整的方式吸收．外彙市場所麵臨的升值壓力會減小．貨幣政策獨立性會增彊。
채용회솔탄성지수대인민폐화마래서아림길특회솔탄성진행분석표명，회솔제도개혁후．인민폐화림길특적회솔탄성유소증대，단시화폐당국야재력도공제본폐적승치추세。채용G—R모형진행분석표명，중국화마래서아본폐승치압력시국내화폐시장실형적결과。회솔제도개혁지후，량국외회시장면림착경대적승치압력。분석환표명，여과외회시장승치압력용회솔조정적방식흡수．외회시장소면림적승치압력회감소．화폐정책독립성회증강。
An analysis of indices of the exchange rate flexibility of Renminbi and Malaysian Ringgit indicates that, after the exchange rate regime reform, the exchange rate flexibility of Renminbi and Ringgit have increased, but both authorities endeavored to contain appreciation tendency. The application of the G-R model indicates that, the appreciation pressures of Renminbi and Ringgit come from unbalance of monetary markets. Furthermore, after exchange rate regime reform, both countries faced with higher appreciation pressures. The analysis also indicates that, if the exchange market appreciation pressure was absorbed by adjustment of exchange rate, the foreign exchange market appreciation pressure could be reduced, and monetary policy＇s independence could be strengthened.
