中国独立的货币政策，汇率制度和资本帐户-毕业论文外文翻译2篇

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1、浙江工商大学金融学院本科毕业论文Ⅲ-20浙江工商大学金融学院本科毕业论文Ⅲ.外文翻译Ⅲ-20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'sExchangeRatePolicyPetersonInstituteforInternationalEconomicsHttp

2、://unjobs.orgJournaltime:October19,2007，P7-13China’scurrencypolicyhasofcoursereceivedthemostattentionoflate.Whetherthemaintenanceofafixedexchangerateispartofadeliberatemercantiliststrategytopromoteexport-ledgrowthhasbeenthesubjectofintensedebate.Ontheonehand,Chinahashadarelativelystableexchange

3、raterelativetotheU.S.dollarsince1995.ThispolicywassustainedeventhroughtheAsiancrisiswhenthetemptationsfordevaluingthecurrencyweregreat.Ontheotherhand,duringthisdecadetheexchangeratehasbeenkeptfromappreciatingonlybymassiveinterventionintheexchangemarket.Intandemwithsustainedhighexportgrowthandab

4、urgeoningcurrentaccountsurplusthatnearlyhit10percentofGDPin2006,thishasbeenseenasprimafacieevidenceofagrosslyundervaluedcurrency.Asdiscussedinmoredetailbelow,oneoftheprincipalconcernsisthatthelackofexchangerateflexibilitynotonlyreducesmonetarypolicyindependence,italsohampersbankingsectorreforms

5、.TheinabilityofthePBCtouseinterestratesasaprimarytoolofmonetarypolicyimpliesthatcreditgrowthhastobecontrolledbyblunterandnon-market-orientedtools,includingtargets/ceilingsforcreditgrowthaswellas“non-prudentialadministrativemeasures”.Ⅲ-20浙江工商大学金融学院本科毕业论文China’sapproachtoexchangeratepoliyandcapit

6、alaccountliberalizationmaybeindicativeofadesiretomaintainstabilityonthedomesticandexternalfrontswhileopeninguptotradeandfinancialflows.Andthelargestockofforeignexchangereservesresultingfromthesepoliciesmayserveasinsuranceagainstvulnerabilitiesarisingfromaweakbankingsystem.Buttherecomesapointwhe

7、nthepolicydistortionsneededtomaintainthisapproachcouldgenerateimbalances,imposepotentiallylargewelfarecosts,andthemselvesbecomeasourceofinstability.Tobeginwith,whyistheexchangerateregimeofsuchimportance?Afterall,theexchangerateisj