CAJ | 학술논문

实际有效汇率（REER）是衡量一国国际竞争力的重要指标，不同的资本流动结构可能会对REER产生不同影响。本文分析了两大类外汇流动和资本流动对REER的作用机制，并对中国的情况进行实证检验。结果发现，加总资本流动对人民币REER升值产生微弱的负影响，外商直接投资导致REER较为显著的升值效应，投资收益和私人部门汇款对REER的升值效应较强。在此基础上，本文建议应该继续加大引进那些高科技的外商直接投资，并积极鼓励其进口，既有助于中国国际竞争力的提高，也有助于中国经常账户的平衡；同时应尽快建立一套完善的监测体系，加强对跨境资金流动的监督管理。
실제유효회솔（REER）시형량일국국제경쟁력적중요지표，불동적자본류동결구가능회대REER산생불동영향。본문분석료량대류외회류동화자본류동대REER적작용궤제，병대중국적정황진행실증검험。결과발현，가총자본류동대인민폐REER승치산생미약적부영향，외상직접투자도치REER교위현저적승치효응，투자수익화사인부문회관대REER적승치효응교강。재차기출상，본문건의응해계속가대인진나사고과기적외상직접투자，병적겁고려기진구，기유조우중국국제경쟁력적제고，야유조우중국경상장호적평형；동시응진쾌건립일투완선적감측체계，가강대과경자금류동적감독관리。
Real effective exchange rate （REER）is an important symbol of a country＇s international competitiveness. Different kinds of capital flows may have different effects on REER. This paper analyzes the mechanics of such effects, and makes an empirical analysis on REER of RMB. The results show that aggregative capital flows have negative effect on REER of RMB, but foreign direct investments have a positive effect on the REER signif- icantly, while investment income and private remittances lead to REER appreciation. On the basis of these resuits, the paper suggests that FDI with high-technology should be increased and their imports should be encouraged, which helps to improve our competitiveness and balance the current account. Meanwhile, the supervision systems should be improved to control and manage cross-board Capital flows.