积极的财政政策与人民币币值稳定（Positive fiscal policy and stability of RMB currency）.docVIP

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积极的财政政策与人民币币值稳定（Positive fiscal policy and stability of RMB currency）.doc

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积极的财政政策与人民币币值稳定（Positive fiscal policy and stability of RMB currency）

积极的财政政策与人民币币值稳定（Positive fiscal policy and stability of RMB currency） Positive fiscal policy and stability of RMB currency Positive fiscal policy and RMB currency stability 2008-12-20 15:15:22 First, Chinas current exchange rate system makes monetary policy difficult to do Chinas current implementation of managed floating exchange rate system, the essence of our implementation since 1994 is fixed rate internal policy, the RMB against the U.S. dollar nominal exchange rate stable in a given level. This article does not evaluate the choice of the exchange rate system, but in the face of the Southeast Asian financial crisis and the financial turmoil in Brazil, we continue to pledge that the RMB is not depreciated, but it has won widespread praise from the international community. This further makes Chinas exchange rate policy show the color of fixed exchange rate system. Facing the severe export situation, we have chosen macro economic policies to expand domestic demand and spur economic growth. In theory, we can choose either fiscal policy or monetary policy, or both. However, it is almost impossible to stimulate the economy only by means of monetary policy, subject to Chinas current exchange rate target. In the floating exchange rate system, in order to increase output, the central bank can buy domestic assets to increase the money supply, which will change the equilibrium between the money market and the foreign exchange market and devalue the currency. Under a fixed exchange rate system, the central bank must sell foreign assets in exchange for local currency in order to prevent devaluation of the currency and maintain the desired exchange rate target. As the supply of local currencies declined, the balance of assets returned to its original position, and output did not increase. It is obvious that the central banks monetary policy has no influence on the money supply or output of the countrys economy. In recent one or two years, the interest rate has been lowered s