金融学毕业论文外方翻译-中国独立的货币政策，汇率制度和资本帐户

《金融学毕业论文外方翻译-中国独立的货币政策，汇率制度和资本帐户》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、浙江工商大学金融学院本科毕业论文Ⅲ-18浙江工商大学金融学院本科毕业论文Ⅲ.外文翻译Ⅲ-18浙江工商大学金融学院本科毕业论文外文翻译之一MonetaryPolicyIndependence,theCurrencyRegime,andtheCapitalAccountinChinaAuthor：EswarS.PrasadNationality:AmericaSourseandType:PaperpresentedattheConferenceonChina'sExchangeRatePolicyPeterson

2、InstituteforInternationalEconomicsHttp://unjobs.orgJournaltime:October19,2007，P7-13China’scurrencypolicyhasofcoursereceivedthemostattentionoflate.Whetherthemaintenanceofafixedexchangerateispartofadeliberatemercantiliststrategytopromoteexport-ledgrowthhasbee

3、nthesubjectofintensedebate.Ontheonehand,ChinahashadarelativelystableexchangeraterelativetotheU.S.dollarsince1995.ThispolicywassustainedeventhroughtheAsiancrisiswhenthetemptationsfordevaluingthecurrencyweregreat.Ontheotherhand,duringthisdecadetheexchangerate

4、hasbeenkeptfromappreciatingonlybymassiveinterventionintheexchangemarket.Intandemwithsustainedhighexportgrowthandaburgeoningcurrentaccountsurplusthatnearlyhit10percentofGDPin2006,thishasbeenseenasprimafacieevidenceofagrosslyundervaluedcurrency.Asdiscussedinm

5、oredetailbelow,oneoftheprincipalconcernsisthatthelackofexchangerateflexibilitynotonlyreducesmonetarypolicyindependence,italsohampersbankingsectorreforms.TheinabilityofthePBCtouseinterestratesasaprimarytoolofmonetarypolicyimpliesthatcreditgrowthhastobecontro

6、lledbyblunterandnon-market-orientedtools,includingtargets/ceilingsforcreditgrowthaswellas“non-prudentialadministrativemeasures”.China’sapproachtoexchangeratepoliyandcapitalaccountliberalizationmaybeindicativeofadesiretomaintainstabilityonthedomesticandexter

7、nalfrontswhileopeninguptotradeandfinancialflows.AndthelargestockofforeignexchangereservesresultingfromthesepoliciesmayserveasⅢ-18浙江工商大学金融学院本科毕业论文insuranceagainstvulnerabilitiesarisingfromaweakbankingsystem.Buttherecomesapointwhenthepolicydistortionsneededto

8、maintainthisapproachcouldgenerateimbalances,imposepotentiallylargewelfarecosts,andthemselvesbecomeasourceofinstability.Tobeginwith,whyistheexchangerateregimeofsuchimportance?Afterall,theexchangerateisj