摘要
随着我国对外开放程度的不断加大,在实现内部均衡的同时,越来越需关注外部均衡。自1994年以来,我国的国际收支失衡是由经常账户、资本与金融账户的不平衡引起,其中更主要的是后者。我国在运用政策手段对两个项目收支平衡进行调控时存在缺陷,因此应该寻找其它更好的途径。资本与金融账户的大幅波动与我国当前的汇率制度安排有关。同时,理论及经验研究都证明,浮动汇率能更好地调节国际收支,在经常账户上表现为更小波动性。由此,我们应逐步过渡到更为灵活的浮动汇率制度。
With the development of Chinas opening-up,we should pay more attention to external equilibrium except the realization of internal equilibrium.Since 1994,the disequilibrium of B.O.P in china has been caused by both current account and capital & financial account,especially the latter.The policy instruments used to adjust the two accounts have several shortcomings,so it is necessary to adopt other methods to realize the internal and external equilibrium.The great volatility of capital & financial account is related with the arrangement of exchange rate.At the same time,both theory and experience turn out that B.O.P can be adjusted to equilibrium more easily under the floating exchange rate.So the RMB should be translated to floating exchange rate step by step in the near future.
关键词
外部均衡
经常账户
资本与金融账户
汇率制度
external equilibrium
current account
capital & financial account
the exchange rate system
