Empirical Study On China's Balance Of Payments Under Open Economy

With the deep development of the economic reform and the expansion of China's opening to the outside world, neither traditional economic theories and policies under closed economy nor economic process and policy implements, which don't consider the effects of external economic disturbance although open economy exists, are suitable for new situations. Therefore, under open economy, study to the effects of balance of payments, an economic parameter representing trade changes between domestic and foreign countries, on domestic macroeconomic process has theoretical and practical significance for China that joins international economy.Although balance of payments problems are almost included in international economics, this thesis mostly pays attention to open economics problems based on the monetary approach. The first question is how to choose exchange rate system under disequilibrium balance of payments. On the condition that RMB could not be exchanged freely, it is one of the most important foreign economic policies how to choose and make exchange rate of stabilizing domestic market. FDI is one of the external sources of economics growth, so it is better to make effects of FDI studying transmission channel from FDI to economic growth. Because increasing foreign exchange influences issues of base money, whether central bank implements monetary policy by itself is the basic request of macroeconomic movements. In order to avoid foreign shock, making macroeconomic cyclical early warning indexes may give out basis for policy maker's supervising of economic situations.Traditional theory or model mostly considers static equilibrium analysis, which study from disequilibrium to equilibrium, and treat balance of payments as independence...