【摘要】：在^u放經(jīng)濟(jì)環(huán)境下，利率市場(chǎng)與匯率市場(chǎng)的運(yùn)行是一國(guó)資源配置、經(jīng)濟(jì)運(yùn)行狀況的有效反映。利率與匯率是貨幣價(jià)格的兩種表現(xiàn)形式，它們相互聯(lián)系、相互影響，也是國(guó)家宏觀調(diào)控、維護(hù)經(jīng)濟(jì)安全和金融穩(wěn)定的重要政策工具，對(duì)于利率與匯率的聯(lián)動(dòng)關(guān)系的研究有較強(qiáng)的現(xiàn)實(shí)意義。我國(guó)一直致力于推動(dòng)人民幣匯率的市場(chǎng)化改革，而2005年的匯率制度改革是一個(gè)里程碑的事件，，這次改革前后利率與匯率的聯(lián)動(dòng)關(guān)系是否發(fā)生顯著變化，對(duì)于政策的推進(jìn)有一定的指導(dǎo)作用。本文以1994年1月至2011年8月期間的人民幣利率和匯率數(shù)據(jù)為研究對(duì)象，并2005年7月的人民幣匯率制度改革為時(shí)間節(jié)點(diǎn)，把研究的時(shí)間分為兩個(gè)階段進(jìn)行對(duì)比研究。最終得出：人民幣實(shí)際利率與實(shí)際有效匯率之間的聯(lián)動(dòng)性較弱，雖然匯率制度的市場(chǎng)化改革增強(qiáng)了二者的聯(lián)動(dòng)關(guān)系，但是這種聯(lián)動(dòng)關(guān)系還是比較的弱，這和我們現(xiàn)在利率市場(chǎng)和匯率市場(chǎng)沒(méi)有完全放開(kāi)有很大的關(guān)系。
[Abstract]:Under the economic environment, the operation of the interest rate market and the exchange rate market is an effective reflection of a country's resource allocation and economic performance. Interest rates and exchange rates are two manifestations of monetary prices. They are interrelated and affect each other. They are also important policy instruments for national macro-control and maintenance of economic security and financial stability. It is of great practical significance to study the linkage relationship between interest rate and exchange rate. China has been committed to promoting the market-oriented reform of the RMB exchange rate, and the reform of the exchange rate regime in 2005 is a milestone event. Whether the linkage between interest rate and exchange rate has changed significantly before and after this reform. It has a certain guiding role for the promotion of policy. This paper takes the RMB interest rate and exchange rate data from January 1994 to August 2011 as the research object, and the RMB exchange rate system reform in July 2005 as the time node, and divides the research time into two stages to carry on the comparative study. Finally, it is concluded that the linkage between the RMB real interest rate and the real effective exchange rate is weak. Although the market-oriented reform of the exchange rate regime has enhanced the linkage between the two, this linkage is still relatively weak. This has a lot to do with the fact that our interest rate market and exchange rate market are not fully liberalized.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.6;F224

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