Selection Of China Effectiveness Of Monetary Policy And Exchange Rate Regime

The monetary policy effectiveness means under the condition of particular financial environment and system, whether the monetary policy which is drawn up by monetary authorities can influence the output to attain the policy target or not. On the traditional meaning, exchange rate regime is a series of arrangements and regulations on how to determine the level and the pattern of the exchange rate by the monetary authorities. To the standard of the classification of exchange rate regime, there are still a lot of controversies. The main classification methods are IMF legal classification method and fact classification method. Adopting the method of IMF in 1999, China currently exchange rate regime is between the floating exchange rate system and the fix exchange rate system ,even close to fix exchange rate system arrangement. The fact proves that the different exchange rate regime arrangement affects the effectiveness of the macro-monetary policy. In regard to our country actual circumstance, the conflict of exchange rate regime and monetary policies reflected the internal antinomy of current economic system. With the international flows of factors, such as commodities, capital and labor force...etc., China economy depends on the world economy closer and closer and the problem of exterior equilibrium and internal equilibrium have emerged. The conflict of the exchange rate regime and the effectiveness of monetary policies is the most obvious. Not only this kind of conflict adds the difficulty of the macro-control, but also the conflict of different policy target adds the complexity of the macro-control mechanism. In recent years, the conflict of the exchange rate regime and the effectiveness of monetary policies in our country can come down to the balance of the monetary policy and the exchange rate policy. According to this, from the angle of the exchange rate system and the effectiveness of monetary policies in our country, this thesis will research the theory logic and real relation between the exchange rate regime and the effectiveness of monetary policy of our country in current particular financial environment. The research purpose lies in providing gist in theory and guidance about the monetary police making and exchange rate arrangements for our country. Studying our country monetary policy validity and the exchange rate regime involves the following problem: The first, whether the exchange rate regime is intrinsic or can be decided by the central bank? The exchange rate regime should be seemed as a separate policy to study, or put into the whole frame of monetary policy? What is the standard of exchange rate regime classification and selection? The second, there are abundant theories on the selection of the exchange rate regime. How to hold the nature of the selection of exchange rate regime systemically from the angle of the economic system info and methodologies? From the existing exchange rate regime selection theories, how to set up a whole analytical frame to combine the monetary policy effectiveness and the exchange rate regime together? How to explain the reality aiming at the actual circumstance of our country? The third, what's about China's current exchange rate regime condition? Which important factors influence the selection of the exchange rate regime? Thinking of above problems, I divided the full text into five chapters: Chapter 1 is the introduction. It mainly introduces the research purpose, significance, studying method and main content in this paper. Chapter 2 is the definition of monetary policy effectiveness and the classification of exchange rate regime. In studying the standard of theexchange rate regime classification, the thesis puts forward the type and substance of china's exchange rate regime, which lay the foundation for the following chapter theoretic model. Chapter 3 is about the theories of monetary policy effectiveness and the selection of the exchange rate regime. This chapter introduces the existing results and the developing directions of the selection of the exch...