【摘要】：利率是市場(chǎng)經(jīng)濟(jì)條件下的重要指標(biāo),是各市場(chǎng)參與主體使用資金的成本的顯著標(biāo)志,對(duì)整個(gè)市場(chǎng)的都產(chǎn)生至關(guān)重要的作用。匯率則是在開(kāi)放條件下的外匯市場(chǎng)上形成的核心變量,要受到國(guó)際收支、外匯市場(chǎng)、外匯儲(chǔ)備和跨國(guó)資產(chǎn)組合等因素的影響。如果將一個(gè)國(guó)家的貨幣視為一項(xiàng)資產(chǎn)的話,利率就是這種貨幣在國(guó)內(nèi)貨幣市場(chǎng)上的價(jià)格(或者稱(chēng)之為對(duì)內(nèi)價(jià)格),與此同時(shí),一個(gè)國(guó)家貨幣的匯率則是這種貨幣在國(guó)際市場(chǎng)中的表現(xiàn)(體現(xiàn)為對(duì)外價(jià)值),他們之間具有內(nèi)在一致的價(jià)值基礎(chǔ),相互聯(lián)系緊密。在開(kāi)放經(jīng)濟(jì)的條件下,貨幣的利率與匯率兩個(gè)經(jīng)濟(jì)變量之間相互作用、相互影響,更重要的是,他們之間可能同時(shí)受更為基本的宏觀經(jīng)濟(jì)變量基礎(chǔ)等因素(諸如貨幣供給等)作用而變動(dòng),構(gòu)成一個(gè)體系復(fù)雜的動(dòng)態(tài)反饋系統(tǒng),形成利率-匯率互動(dòng)機(jī)制。然而我們國(guó)內(nèi)對(duì)于利率與匯率的互動(dòng)機(jī)制關(guān)注過(guò)少,而對(duì)于利率-匯率互動(dòng)機(jī)制缺乏足夠的認(rèn)識(shí)將會(huì)使得在我們逐步推進(jìn)利率市場(chǎng)化改革的過(guò)程中缺乏對(duì)市場(chǎng)整體的把握而錯(cuò)失機(jī)會(huì),甚至導(dǎo)致政策沖突,南轅北轍擾亂金融市場(chǎng)化改革的進(jìn)程。然而,到底現(xiàn)在人民幣匯率與利率之間是否存在互動(dòng)關(guān)系,這樣的互動(dòng)關(guān)系是怎樣作用并且如何影響政策發(fā)揮作用的呢,如何在存在互動(dòng)效應(yīng)的前提下實(shí)現(xiàn)利率政策與匯率政策的協(xié)調(diào)等有待我們進(jìn)一步的研究。本文通過(guò)運(yùn)用現(xiàn)代計(jì)量經(jīng)濟(jì)學(xué)的研究方法,探究大量數(shù)據(jù)背后利率與匯率之間聯(lián)系。
[Abstract]:Interest rate is an important indicator in the market economy and a significant symbol of the cost of using funds by the participants in the market. It plays an important role in the whole market. The exchange rate is the core variable formed in the open foreign exchange market, which is influenced by the balance of payments, foreign exchange market, foreign exchange reserve and transnational portfolio. If a country's currency is considered an asset, the interest rate is the price of the currency on the domestic money market (or internal price), at the same time, The exchange rate of a country's currency is the performance of the currency in the international market. In an open economy, the interest rate of the currency and the exchange rate interact with each other and, more importantly, They may be affected by more basic macroeconomic variables (such as money supply) at the same time to form a complex system of dynamic feedback system to form an interest-exchange rate interaction mechanism. However, our domestic interest rate and exchange rate interaction mechanism is too little attention, And the lack of sufficient understanding of the rate-exchange rate interaction mechanism will make us lose the opportunity to grasp the market as a whole and even lead to policy conflicts in the process of gradually promoting the market-oriented interest rate reform. Diametrically different ruts disrupt the process of financial marketization reform. However, whether or not there is an interaction between the RMB exchange rate and the interest rate, how does such an interaction work and how does it affect policy? How to realize the coordination of interest rate policy and exchange rate policy under the premise of interaction needs further study. By using modern econometrics, this paper explores the relationship between interest rate and exchange rate.
【學(xué)位授予單位】：上海社會(huì)科學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.6

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