外汇储备充足性标准的再探讨.pdfVIP

201I??01????405?? 商业研究 ????? ???? 文章编号：??—??????—??—? 外汇储备充足性标准的再探讨 朱 灏 ?心洗笱??в爰扑阊г海?ど???? 摘要：由于外汇储备充足性标准的演变趋势是充足性要求的范围不断扩充，标准水平不断提高， ??????????????????????????????????????????????????????????????????????????GG??IMF 准则有科学依据，它只是不计储备成本的理论鼓惑，并且带有知识的欺诈性。本文认为确定充 足性标准的依据是国际收支波动风险和海外投资收益。 ????????????????????????????????????????????????GG??IMF???? ??????????F832??2????????????A ????? ? the ???? Criterion ? Foreign ???? Reserve ZHU Hao (School ???．????? Tech????CentralSouth University-Changsha ???。??? Abstract??Thepaper ??? out ?? the trend ? the ???? criterion for foreign ???? re??rve? ????? the e?????? ?? and raising the ???琱? the ???? ? foreign ???? reserve decreases comparatively ? for ?? developed na- ??．?? practical situation ???? ?? the theoretical trend??80? ???痶 think GG??IMFCriterion for granted sci?? entifically-but ?? a confusion ??? ????? reserv??cost??andhas knowledge ???甪?? paper takes for ?? the ???? nornl ??? ? ????? ? the fluctuation ?? ? the balance ? international ???? and the yield ? in- ???? ????． Key ???篺??? ???? reserve??adequacycriterion??prerequisite? ?????；???? ????? GG??IMF Criterion 外汇储备充足性标准是外汇储备合理规模的 3?????????????????????????????????????????? 评判依据，值得深入探讨。周念林等???论 的?％。其下限是?％、上限是?％。特里芬规 ????????????????????????????????????IMF????则是技术性的，可以具体用于确定外汇储备合理 的外汇储备充足性标准转变。外汇储备充足性标 规模。特里芬规则隐含了“外汇储备发生了就合 准不是无条件的，而是有条件的，是指经济地满足 理”的假设，其实是一条从众规则，把储备与进 外汇收支需求的最低程度储备，储备目的是减轻