CAJ | 학술논문

在现行货币体系下，缺乏超国家力量判断与监管单个国家汇率定价的合理性，评判一国汇率合理与否并对其进行干预的外来力量主要来自美国等发达国家。本文以美国财政部出具的《关于国际经济和汇率政策向国会提交的报告》为基础，考察作为单个国家美国对他国汇率定价合理性的判断与调整要求是否对他国汇率具有影响力。通过统计观察和计量分析．本文发现，美国对他国汇率操纵的指称未能有效影响被指称国的汇率。因此，本文提出．仅靠单个国家对他国汇率与国际收支的判断与调整要求无法解决全球范围内普遍存在的汇率错位和国际收支失衡问题，在此背景下，国际经济政策协调将更加迫切和有效。
재현행화폐체계하，결핍초국가역량판단여감관단개국가회솔정개적합이성，평판일국회솔합리여부병대기진행간예적외래역량주요래자미국등발체국가。본문이미국재정부출구적《관우국제경제화회솔정책향국회제교적보고》위기출，고찰작위단개국가미국대타국회솔정개합이성적판단여조정요구시부대타국회솔구유영향력。통과통계관찰화계량분석．본문발현，미국대타국회솔조종적지칭미능유효영향피지칭국적회솔。인차，본문제출．부고단개국가대타국회솔여국제수지적판단여조정요구무법해결전구범위내보편존재적회솔착위화국제수지실형문제，재차배경하，국제경제정책협조장경가박절화유효。
Due to lack of a super-national power to judge and supervise over the exchange rates of individual countries in the present international monetary system, the judgment of the properness of a country＇ s exchange rate level and the underlying intervention are usually made by developed countries, especially by the United States. Building on the basis of the US Treasury＇ s ＂Report to Congress on International Economics and Exchange Rate Policies＂ , this paper aims to find out if the US judgment on properness of the exchange rate pricing or adjustment requirement has influenced the objective countries＇ exchange rate behavior. The statistical observation and econometric analysis of this paper come to a consistent conclusion that there is no apparent influence. Such a finding reveals that an individual country＇ s judgments on other country＇ s BOP status or adjustments requirements are not the very solution to globally spreading exchange rate misalignment and BOP disequilibrium. In this case, international economic policy cooperation is becoming more and more urgent and will be more effectiveness.