虚拟经济视角下均衡汇率研究综述

摘要

均衡汇率反映了汇率与实体经济均衡的一致性，而现实中汇率偏离均衡水平的剧烈波动则体现了虚拟经济属性。本文在虚拟经济的视角下综述均衡汇率的研究成果，具体包括三方面内容：一是均衡汇率的决定，二是汇率失衡性波动对实体经济的冲击，三是应对汇率失衡的宏观经济政策。本文特别注重国际经验与人民币的结合，力图在人民币国际化的背景下为建立人民币汇率形成机制和风险防范机制提供借鉴。%Equilibrium exchange rate reflects the consistency of foreign exchange rate and real economy equilibrium, while the exchange rate volatility which deviates from the equilibrium level relfects the virtual economic attributes. This paper reviews the studies on equilibrium exchange rate under the perspective of virtual economy and includes three aspects:first, the determination of equilibrium exchange rate;second, the impact of exchange rate’s imbalanced fluctuations on real economy;third, the macroeconomic policies response to exchange rate imbalances. This paper pays special attention to the combination of international experience and RMB, and attempts to provide references to establishing the RMB exchange rate formation mechanism and risk prevention mechanism in the context of the internationalization of RMB.