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Journal of Zhejiang University SCIENCE A
ISSN 1673-565X(Print), 1862-1775(Online), Monthly
2001 Vol.2 No.2 P.227-231
ON THE CURRENT RMB EXCHANGE RATE REGIME AFFECTING THE EFFECTIVENESS OF MONETARY POLICY
Abstract: The current exchange rate regime of China is just like the US dollar-pegged exchange rate regime, which weakens the effectiveness of monetary policy but increases the effectiveness of fiscal policy. Since the scope of implementing the fiscal policy is quite narrow, it is necessary to promote the effectiveness of monetary policy by enlarging the elasticity of the RMB exchange rate regime so as to stimulate the rapid development of the Chinese economy effectively.
Key words: exchange rate regime, monetary policy, validity
References:
[1] Erich, A. H., 1997. Techniques of financial analysis: a modern approach. Irwin/McGraw-Hill, Boston, p.273-303.
[2] Huang, Y. J., 1996. The existing problem and improving measures under current RMB exchange rate. Economic Herald, 3: 20-23 (in Chinese).
[3] Huang, Y. J., 1998. The J curve effect of the devaluation of southeast Asian countries' currencies and Chinese countermeasures, Finance or Trade Economics, 11: 53-56 (in Chinese).
[4] Jiang, B. K., 1998. The cooperation of economic policy under open economics. Fudan University Press,Shanghai, p.105-120(in Chinese).
[5] Johnston, R. B., 1999. Liberalization of exchange and capital controls has fueled global trade and investment. IMF Survey, 28(21): 362-363.
[6] Micheal, M., 1989. International money and finance, Shanghai Sanlian Store,p.295-305.
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DOI:
10.1631/jzus.2001.0227
CLC number:
F830.73
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Received:
2000-07-16
Revision Accepted:
2000-11-26
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