Trilemma and chinese monetary policy operating model under open economy 与我国对外开放阶段货币政策的运用
2.
Using the theories of portfolio and the krugman ’ s ” trilemma " , this paper analyzes the relationship of the internationalization of securities market and the financial risks . then this paper shows the necessary preconditions to the internationalization of securities market 本文借助国际资本流动理论中的资产组合理论和克鲁格曼的“三元悖论”分析了证券市场国际化与金融风险的关联性,并指出了证券市场国际化必备的前提条件。
3.
The analysis starts from the introduction of the theory of exchange rates and the relevant economic factors that affect exchange rates . the analysis is based on the following theories : the theory of macro - stabilization policy in open economy , the mundell - fleming model , originated by professor robert a mundell of the department of economics columbia university , who also founded the theory of the optimum currency areas ; another theory is the trilemma by paul krugman . it is concluded that the current stable exchange regime serves as an important guarantee for the fast economic development in china 面对“人民币是否应该升值”这个国内外经济界讨论的热点，本文从汇率决定理论及影响汇率制度的相关经济因素出发，引用了最优货币区域理论的首创者、美国哥伦比亚大学经济系教授罗伯特? a ?蒙代尔的开放条件下宏观稳定政策的理论“蒙代尔?弗莱明模型”以及克鲁格曼的“三元悖论”等理论来探讨人民币汇率制度的选择及未来汇率体制的发展目标和前景，明确了目前稳定的人民币汇率体制是促进我国经济高速发展的重要保证。
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Third , the paper states that the current rmb exchange rate regime basically conforms to the goals of economic development and the requirements for adequate employment , through the analysis of krugman " trilemma " and balassa samuelson " balassa - samuelson hypothesis " in combination with the study of chinese economic development 第三，从分析克鲁格曼的“三元悖论”到巴拉萨-萨谬尔森的“波及效应” ，结合中国自身的经济发展状况，指出我国现行的人民币汇率机制基本上是顺应中国经济增长目标和就业的需要。
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In this foundation , reviewed m - f model , trilemma of the exchange rate regime and the expansion “ impossible triangle ” . these are famous about the classical theory of the effectiveness of the monetary policy in the opening economy . and has carried on the simple analysis appraisal to the above theory serviceability , takes the full text the theory basis and the instruction . the second part , comprehensively systematically separately elaborated the exchange rate - system and the circulation of capital condition to the effectiveness of the monetary policy 全文共分四个部分:第一部分,在阐述了货币政策有效性定义的基础上,回顾了蒙代尔?弗莱明模型、克鲁格曼“不可能三角”及扩展“不可能三角”这些著名的关于开放经济下货币政策有效性的经典理论,并对上述理论的适用性进行了简单的分析评价,作为全文的理论依据和指导。
