本文選題：貨幣錨 + 貨幣規(guī)則�。� 參考：《國(guó)際經(jīng)濟(jì)評(píng)論》2011年01期

【摘要】：百年來,無論是傳統(tǒng)的"固定與浮動(dòng)之爭(zhēng)",還是現(xiàn)代的"中間與兩極之爭(zhēng)"都無法解決"什么才是最好的匯率制度"這一難題。基于此,本文從"什么才是最優(yōu)的貨幣規(guī)則"這一新的視角對(duì)基本的貨幣問題進(jìn)行探討,并得到一系列結(jié)論:(1)貨幣不可無錨,而錨的選擇取決于網(wǎng)絡(luò)外部性;(2)不同的"下錨"規(guī)則本質(zhì)上決定了貨幣政策工具和政策目標(biāo)的界定,原則上,一個(gè)國(guó)家、貨幣區(qū)甚至全球貨幣體系可選擇黃金、單一或一籃子貨幣、一籃子商品、貨幣供給量作為固定的"貨幣錨";(3)相對(duì)較高的外匯儲(chǔ)備和適度的資本管制為一國(guó)"貨幣錨"有序退出提供了條件。
[Abstract]:In the past hundred years, neither the traditional "fixed and floating dispute" nor the modern "middle and bipolar dispute" can solve the problem of "what is the best exchange rate system". Based on this, this paper discusses the basic monetary problem from the new perspective of "what is the optimal monetary rule", and draws a series of conclusions that money must not be without anchor. The choice of anchor depends on the network externality. (2) different "anchor" rules essentially determine the definition of monetary policy instruments and policy objectives. In principle, a country, currency area or even the global monetary system can choose gold. A single or basket of currencies, a basket of commodities, a currency supply as a fixed "currency anchor" and a relatively high foreign exchange reserve and moderate capital controls provide conditions for a country's "currency anchor" to withdraw in an orderly manner.
【作者單位】： 國(guó)務(wù)院發(fā)展研究中心金融研究所;華中科技大學(xué)經(jīng)濟(jì)學(xué)院;
【分類號(hào)】：F832.6

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