CAJ | 학술논문

本文通过考察蒙代尔不兼容性定理与麦金农兼容性定理之间的差异,发现在国际资本不完全流动的条件下,两个定理相互等价,以此很好地解释了＂蒙代尔——麦金农之谜＂。本文同时指出;放弃稳定汇率的政策目标,把汇率作为灵活的政策工具,则汇率的行为呈非中性,而非中性汇率正是汇率的现实常态。
본문통과고찰몽대이불겸용성정리여맥금농겸용성정리지간적차이,발현재국제자본불완전류동적조건하,량개정리상호등개,이차흔호지해석료＂몽대이——맥금농지미＂。본문동시지출;방기은정회솔적정책목표,파회솔작위령활적정책공구,칙회솔적행위정비중성,이비중성회솔정시회솔적현실상태。
By studying difference between Mundell＇s Incompatible Trinity Theorem and Mckinnon＇s Compatible Trinity Theorem,this paper demonstrates they are mutual equivalent in the circumstance of incomplete international capital movement,which can provide a good explanation on Mundell-Mckinnon Paradox.Behavior of exchange rate is non-neutrality when exchange rate policy instrument is applied rather than policy goal of stabilizing exchange rate,and non-neutrality exchange rate is common in a real world.