货币错配下的央行行为选择:一个多重均衡模型
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财经研究 2010 年 第 36 卷第 06 期, 页码：5 - 14
摘要
参考文献
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摘要
根据资产负债表表现形式的不同,货币错配可分为净外币负债形态的货币错配和净外币资产形态的货币错配,研究者大多认为当前我国面临着较为严重的后一种形式的货币错配风险,但现有模型却多数集中在对净外币负债形态的货币错配风险的研究上。文章构建了基于微观经济主体行为的多重均衡模型,试图揭示在本币升值的情况下,净外币资产形态的货币错配如何通过资产负债表渠道对银行和企业进而对宏观经济造成冲击。模型表明本币的大幅升值会恶化微观经济主体的资产负债表,并使经济稳定在"坏"的均衡点上。文章还进一步分析了在"坏"的均衡点上,央行应该采取的对策。
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[2]陈晓莉.本币升值冲击与银行业危机——一个基于不对称信息的分析框架[R].经济发展论坛工作论文,2005.
[3]刘少波,贺庆春.中国货币错配程度及其影响因素[J].管理世界,2007a,(3):32-41.
[4]刘少波,贺庆春.中国货币错配引致原因的实证分析:1986-2005[J].财经研究,2007b,(2):111-122.
[5]刘少波,贺庆春.货币错配与经济金融稳定——一个基于本币升值预期的两期微观经济主体行为模型[J].国际金融研究,2008,(7):39-44.
[6]Aghion P,Bacchetta P,Banerjee A.A corporate balance-sheet approach to currencycrises[J].Journal of Economic Theory,2004,(119):6-30.
[7]Allen M,Rosenberg C,Keller C,Setser B N Roubini.Abalance sheet approach to fi-nancial crisis[R].I MF Working Paper,2002,WP/02/210.
[8]Burnside Craig,Martin Eichenbaum,Sergio Rebelo.Government guarantees andself-fulfilling speculative attacks[C].Mi meo,Northwestern University,2001.
[9]Chang,Roberto,Andres Velasco.Banks,debt maturity andfinancial crisis[J].Journalof International Economics,2000,(51):169-194.
[10]Diamond D,Dybvig P.Bank runs,deposit insurance,and liquidity[J].Journal of Po-litical Economy,1983,(91):401-419.
[11]Jeanne O,Zettel meyer J.“Original sin”,balance sheet crises,and the roles of interna-tional lending[R].Harvard University and the Inter-American Development BankWashington,2002,(11).
[12]Jeanne O,Wyplosz C.The international lender of last resort:How large is largeenough[R].The NBER Conference on Management of Currency Crises,Monterey CA,2001,(3).
[13]Krugman P.Balance sheets,the transfer problem,and financial crises[J].Internation-al Tax and Public Finance,1999,(6):459-472.
[14]Mckinnon R.Exchange rates under the East Asian Dollar standard:Living with con-flicted virtue[M].MIT Press,2005.
[15]Schneider M,Tornell A.Balance-sheet effects,bailout guarantees and financial crises[R].NBER Working Paper 8060,2000.
引用本文
刘少波, 贺庆春. 货币错配下的央行行为选择:一个多重均衡模型[J]. 财经研究, 2010, 36(6): 5–14.
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