摘要
文章分析了人民币汇率弹性化对本国资本市场的各种影响,包括短期境外资本流入带来的乘数效应;国外利率变化、货币政策或财政政策的变动引发的利率、资本的波动;金融市场的结构变化等。针对汇率弹性化给资本市场带来的潜在风险,文章提出了政策工具和政策手段上的创新思路。主要措施包括:发展外币同业拆借市场;创建人民币远期交易和掉期交易市场;创造储备证券;征收托宾税;强制规定流入的外国资本在本国内停留的最低期限等。
This paper analyses different kinds of effects of elasticity of RMB FX rate on domestic capital market, including multiplier effect of capital inflow, the volatility of domestics and international interest rate, monetary and fiscal policy, the structural reform in financial market, etc. As to the potential risk on capital market due to FX elasticity, the paper proposes several creative thoughts on policy instrument and methods. These measures include: developing FX inter- bank market, constructing RMB forward and swap market, creating treasury stock, levying Tobin's tax, regulating the least period of the foreign capital detaining inland.
出处
《金融研究》
CSSCI
北大核心
2004年第9期101-107,共7页
Journal of Financial Research
关键词
资本市场
汇率浮动
利率
风险
政策工具
capital market, floating FX rate, interest rate, risk, policy instrument
