| Without unifying the global currency,Currency Mismatches will be an existing longly and unavoidable phenomenon.As for it ,non-international currency issuers are worse than international currency issuers.Because RMB isn't an international currency,this phenomenon is obviously existing in our country. New Market Entities had Currency Mismatches with Debt Balance (CMDB) in1990's,on the contrary,our country belongs to Currency Mismatches with Credit Balance (CMCB).This dissertation mainly discusses the conditions,causes and influences of the CMCB in our country,thus studies the roades and measures of eliminating the CMCB in our country.At the same time,this dissertation studies some other issues.for example,how to enhance the competition ablilty of our county's financial industry,and develop domestical financial marketes to erase the unbalance between big trade sector and undeveloped financial sector;how to strengthen our country'rights of making the rules for international financial system,and help to establish a righteous and rational international financial order. Firstly,we establishes the formula for measuring the Aggregated Effective Currency Mismatches (AECM) ,this formula is suit for China.we used it to calculate China'AECM index for 1985 to 2006.the result indicates,recently the degree of our country'CMCB has been high,and it will become worse in the future.so,the government,banks ,enterprises and residents should be concerned about it .Secondly,this dissertation analyses the causes of our country's CMCB.there are a large number of reseasones.these include micro-factors and macro-factors.moreover,they include not only domestical factors,but also international factors.Such as unjust and irrational international financial order.but radially,China'sCMCB depend on China economical and financial status now.Thirdly,based on China's economy,we discusses the CMCB's influences on our country's economy.Although the character of CMCB is different from that of the CMDB,both of them have bad influences on one country's economy.if the degree of them is very high,they will hazard the safety of one country's finance.bad CMCB lead to the pressure of currency appreciation.if Currency Mismatches mostly appearing in the government sector ,there goes inflation in this enconomy.it partly explains the"hot"phenomenon appearing in our macro-economy.As for our country,the CMCB has influenced the stability of macro-economy ,but also banking sector's financial conditions,management of foreign reserve,reform of foreign exchange regime ,the effectiveness of monetary policy.the CMCB and CMDB have the same influence on the safety of one country's economy and finance,so we can't let it go.Lastly,we discuss the approaches and countermeasures of checking the CMCB in our country.Because of the internationality,permanence and difficultness of solving this problem for Currency Matches.I think that eliminating the CMCB will be a systematic project.so this dissertation studies how to solving the problem for Currency Matches from three angles of view. From"China"angles of view,we should do: we should strengthen the supervision of Currency Mismatches in banking sector and enterprise sector.moreover,a Risk Warning System for Currency Mismatches should be established.according to the signal of warning,necessary countermeasures should be adopted. we should make great efforts to develop and perfect domestical financial markets,especially foreign exchange market and bond market.a lot of products for hedging should be created. with the change of domestical and foreign economic situation,we should adjust the strategy for openness to foreign.we must change the strategy for"export-leading",the strategy for"absorbing foreign capital"and the strategy for"capital accont openness",thus we can prevent origination of the CMCB in our country. we should harmonized monetary policy and foreign exchange rate policy.as for the object of monetary policy,in order to enlarge the space of monetary policy operation,outside object must be subjected to inside object.From"Asia"angle of view,in order to eliminate the Currency Mismatches in Asian countries,currency cooperation should be strengthened.Before higher level of foreign exchange rate cooperation isn't still put into practice,Asian countries should endeavor to lessen the degree of the Currency Mismatches.through developing Asian Bond Fund,Asia can make progress for transformation from savings to investment,and reduce the dependence on outside financial market.the choice of China is to promote RMB's asianization,participate in the foundation of ABF.with financial innovation and institution adjustment ,the scope of using RMB in Asian will be broadened.From the global angle of view,at the root,the cause of'Global Currency Mismatches'is that the core of international monetary system is international currencies occupied by the sovereignty currency.thus there exists a"paradox"that creditor's rights of creditor nations are marked a price by the currency issued by debtornation.this is the basic cause of the unsteadiness of international financial system.in the long term,the best choice of solving the problem for Currency Mismatches is to unify global currencies,but in the short term,this object can't be touched,for international currency issuers will try to stop the reform for international financial system.the reform will deprive them of gains from the old international financial system.as for developing countries,in order to avoid currency crises,they only make great efforts to decrease the degree of Currency Mismatches to protect themselves.so I think that the reform object of international financial system is to lessen the degree of"Global Currency Mismatches"with international currency cooperation.the choice of China is to make RMB become a member of international currencies. On the one hand, it can lessen the degree of the CMCB in our country,and remove the asymmetry between big trade sector and frangible financial sector,on the other hand ,our country contrube the biggest efforts to the new international financial order.
|
PDF Full Text Request