國際貿(mào)易專業(yè)外文翻譯--中國獨立的貨幣政策，匯率制度和資本帳戶

1、Monetary Policy Independence, the Currency Regime,and the Capital Account in ChinaAuthor：Eswar S. PrasadNationality: AmericaSourse and Type: Paper presented at the Conference on China's Exchange Rate Policy Peterson

2、Institute for International Economics Http://unjobs.orgJournal time: October 19, 2007， P7-13China’s currency policy has of course received the most attention of late. Whether the maintenance of a fixed exchange rate is p

3、art of a deliberate mercantilist strategy to promote export-led growth has been the subject of intense debate. On the one hand, China has had a relatively stable exchange rate relative to the U.S. dollar since 1995. This

4、 policy was sustained even through the Asian crisis when the temptations for devaluing the currency were great. On the other hand, during this decade the exchange rate has been kept from appreciating only by massive inte

5、rvention in the exchange market. In tandem with sustained high export growth and a burgeoning current account surplus that nearly hit 10 percent of GDP in 2006, this has been seen as prima facie evidence of a grossly und

6、ervalued currency. As discussed in more detail below, one of the principal concerns is that the lack of exchange rate flexibility not only reduces monetary policy independence, it also hampers banking sector reforms. The

7、 inability of the PBC to use interest rates as a primary tool of monetary policy implies that credit growth has to be controlled by blunter and non-market-oriented tools, including targets/ceilings for credit growth as w

8、ell as “non-prudential administrative measures”.China’s approach to exchange rate poliy and capital account liberalization may be indicative of a desire to maintain stability on the domestic and external fronts while ope

9、ning up to trade and financial Making the Right ConnectionsAn independent interest rate policy is a key tool for improving domestic macroeconomic management and promoting stable growth and low inflation. As the Chinese e

10、conomy becomes more complex and market-oriented, it will become harder to manage through command and control methods as in the past. And, as it becomes more exposed to global influences through its rising trade and finan

11、cial linkages to the world economy, it will also become more exposed to external shocks. Monetary policy is typically the first line of defense against macroeconomic shocks, both internal and external. Hence, having an i

12、ndependent monetary policy is important for overall macroeconomic stability. Monetary policy independence is, however, a mirage if the central bank is mandated to attain an exchange rate objective. Capital controls, whi