摘要
汇率变动对经济生活中许多变量都发生作用,但汇率发生作用的核心渠道是改变相对价格。通过改变相对价格,影响国际收支、物价水平、劳动生产率、贸易条件、投资水平、就业、收入水平,等等。而这一切影响归纳起来无非是对经济增长速度和经济增长方式的影响。本文研究汇率变动对增长方式的影响,发现均衡汇率的决定取决于资源约束。资源约束的上限是可承受的劳动力失业率以达到社会稳定,资源约束的下限是合理的自然资源消耗速度以达到经济的长期可持续发展。
Alterations of external value of a currency have impacts on many economic variables. The key channel of such impacts that exchange rate alterations play is to change the relative prices of export and import goods. Through changing relative prices, exchange rate alterations influence the speed and way of economic growth. This research tries to establish a relation between exchange rate alterations and the way of economic development. It finds that equilibrium exchange rate is such a rate that is determined jointly by tolerated labor resources unemployment ratio and natural resources price increase ratio.
出处
《国际金融研究》
CSSCI
北大核心
2007年第1期53-57,62,共6页
Studies of International Finance
基金
教育部重大攻关项目"人民币均衡汇率问题研究"(05JZD00012)
教育部长江学者特聘教授项目资助。
关键词
资源约束
均衡汇率
Resources Restriction
Equilibrium Exchange Rate.
