 克鲁格曼不可能三角 克鲁格曼不可能三角 克鲁格曼不可能三角
On exchange rate policy and monetary policy coordination issues, in the early 1960s, Fleming and Mundell said: free movement of capital, money is completely independent, stable exchange rate three goals, while a government can only implement two items. This conclusion was later known as the "Mundell triangle." Krugman published early in 199b discuss the article in the Asian financial crisis, also spoke about the "Mundell triangle" problem, which he called "the eternal triangle" (the eternal triangle); domestic scholars Yi Gang Summary as "Mondale an impossible triangle Krugman," and made x + y + m = 2 Theorem.
U.S. Treasury Secretary John Snow's visit to China has conveyed the same view. He said in an interview that China should expand opening up, from the perspective of China's own interests, should be determined by market forces to implement a flexible exchange rate system. Government not to interfere too much, otherwise there can be no more independent monetary policy. The tightening of the central bank's actions, domestic perception that the central bank chose to raise the reserve ratio to control excessive domestic credit growth, this choice appears to have been pegged to the dollar's exchange rate regime of China's constraints, exchange rate stability a priority consider making the central bank to a certain extent, the loss of monetary policy independence. |
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