基于开放经济下交易费用的汇率制度选择——兼论现行人民币汇率制度的改革方向

金融市场上的汇率波动使得以各国货币计价的商品和资产流动面临着损益的不确定性 ,各国的汇率政策也存在着不同程度的相互依赖性 ,这些都是由交易主体的机会主义行为引起内生交易费用决定的。同时 ,汇率政策的制定和协调需要付出成本 ,外生交易费用由此产生。从交易费用的角度 ,对单边的汇率政策选择和多边的汇率政策协调展开研究 ,可得出后者优于前者的结论 ,这对我国的汇率制度改革有重要启示。

Transaction cost and choice of foreign exchange rate regime under open economy

The fluctuation of exchange rates in financial market makes the profit and loss uncertain from the flow of commodities and assets in foreign currency. The exchange rate policies of all countries are interdependent to some extent. Both of them are determined by endogenous transaction cost caused by the opportunism of dealers. Meanwhile, it will pay costs when the policy is formulated or coordinated, which brings exogenous transaction cost. This paper attempts to make an analysis between unilateral policy choosing and multilateral policy coordinating by the theory of transaction cost. Finally we conclude that the latter is superior to the former and also give some practical advices about the reform of exchange rate regime of China.