摘要
日本和韩国经验表明,利率市场化进程中,利率变动与汇率、资本流动的联系会不断增强。但由于利率市场化改革往往与汇率自由化、资本项目改革等交织在一起,制度改革、市场预期等外部因素的影响更加突出,导致利率与汇率、资本流动之间的关系不稳定,传导渠道欠通畅。保持宏观经济稳定和有序平稳推进利率市场化改革,是理顺利率和汇率、资本流动关系,成功实现利率市场化的保障。
It is shown by the practice of Japan and Korea that the correlation of interest rate, exchange rate and capital flows continuously enhances during the course of interest rate liberalization reform. But as the interest rate liberalization reform usually mingles together with reforms of exchange rate liberalization and capital account, the impact of various external factors such as system reform and market expectation has become more prominent. It makes the relationship of interest rate, exchange rate and capital flows not robust and transmission channel not free. It is the safeguard to rationalize the relationship of interest rate, exchange rate and capital flows and realize interest rate liberalization successfully that maintain and push forward the interest rate liberalization reform orderly and steadily.
出处
《金融发展研究》
2011年第10期14-19,共6页
Journal Of Financial Development Research
关键词
利率市场化
汇率
资本流动
interest rate liberalization, exchange rate, capital flows e stability
