This paper analyses exchange rate regime from efficiency faith and equilibrium faith , this is to say that efficient exchange rate regime makes main body having different benefit find equilibrium point to realize the max - benefit , and it needs a equilibrium price , namely equilibrium exchange rate to attain equilibrium of interior 本文从效率和均衡出发来界定汇率制度,即有效率的汇率制度是使各个利益主体找到属于自己利益最大化的平衡点,为了使资源能有效地配置,需要均衡价格? ?均衡汇率,从而使内外经济达到均衡,促进经济增长。
According to the research ago , there were plenty of studies about exchange rate regime and equilibrium exchange rate . however , the study about correlation between them was bits and pieces , especially from the point of efficiency , and study on transformation of exchange rate regime from equilibrium faith was even rare 从以往的研究来看,对汇率制度和均衡汇率的研究成果较为丰富,而对汇率制度和均衡汇率关系的研究则相对零碎,特别是以效率为视角来研究两者的关系,以均衡理念来研究汇率制度转型则更为罕见。
Next , this article analyzes the influence of balance of payments in exchange rate through the foreign exchange supply and demand curve and under the incomplete floating exchange rate system , how the government affects the foreign exchange market supply and demand and the balanced exchange rate through the change of foreign exchange reserve volume . after reviews the history of renminbi exchange rate level and form mechanism , analyzes the relationship between balance of payments and renminbi exchange rate 接下来通过外汇供求曲线分析国际收支对汇率的影响,及在不完全浮动汇率制下,政府如何通过改变外汇储备额来影响外汇市场供求和均衡汇率。在回顾人民币汇率水平及其形成机制的历史演变的基础上,分析各个时期国际收支状况与人民币汇率的关系。
In one direction , people use a theoretical model that implies econometric equations , which may be grouped under the heading natrex , natural real exchange rate . the other is called beer , behavioral equilibrium real exchange rate , which attempts to explain the actual behavior of the real exchange rate in terms of a set of relevant explanatory variables , the so - called " fundamentals " 目前广为使用的均衡实际汇率研究方法大体上可分为两类,一是应用暗含计量方程的理论模型,另一种方法并不首先给出具体方程,完全采用计量方法寻找汇率与基本经济变量之间的协整方程,以此建立均衡汇率模型。
Through an empirical study , it shows : terms of trade , degree of opening - up to the outside and government expenditure are the economic variables which determine rmb ' s equilibrium rate of exchange ; the reform of rmb ' s equilibrium rate of exchange system in 1994 has a significantly positive effect on rbm ' s equilibrium rate of exchange 摘要实证研究表明:人民币均衡汇率的基本面经济变量是贸易条件、对外开放度、政府支出; 1994年人民币汇率制度改革对均衡汇率有显著正影响。