摘要
泰国是一个小型开放经济体,货币当局拥有较少的国际储备,在"不可能三角"中优先考虑了资本自由流动与货币政策独立性目标,泰国后危机时期实行了较具弹性的管理浮动汇率制。泰铢汇率的持续升值削弱了出口产品的国际竞争力,资本管制的非对称性增加了金融市场的不确定性,凸现出管理浮动汇率制的局限性。泰国未来的汇率制度改革,可以采取建立保持泰铢动态稳定的汇率安排和重视区域货币合作、汇率政策协调的两种模式。
Thailand is a small, highly open and export-oriented economy. The Currency Bureau of Thailand has a little international reserve, so it chose the target of free capital flow and monetary policy independence prior to that of exchange rate stability. The kind of more flexible Managed Floating regime has been practiced during the period post-crisis. The continuous revaluation of Baht cuts down Thailand＇s international competition for export goods, the dissymmetry of capital control adds uncertainty in financial market, all of the above show the Managed Floating regime＇s limitation. The two innovation model, the one laying emphasize on a dynamically stable currency arrangement, the other oriented to currency cooperation and exchange policy harmonization, will be taken by central bank of Thailand in future.
出处
《亚太经济》
CSSCI
北大核心
2007年第6期41-45,共5页
Asia-Pacific Economic Review
关键词
泰国
汇率安排
改革模式
动态稳定
Thailand
Currency Regime
Innovation Model
Dynamic Stability
