人民幣匯率和全球貨幣體系[外文翻譯]
The Renminbi Exchange Rate and the Global Monetary System
內(nèi)包含中文翻譯和英文原文，內(nèi)容完善，建議下載閱覽。

①中文頁(yè)數(shù)5

中文字?jǐn)?shù)4924

②英文頁(yè)數(shù)8

英文字符數(shù)14990
③ 摘要
中國(guó)可能不會(huì)歡迎的重視已賦予的問(wèn)題，人民幣匯率在最近幾個(gè)月，但它是一個(gè)癥狀的事實(shí)，該國(guó)已成為一支重要力量在全球經(jīng)濟(jì)中。這種注意是不會(huì)消失的。中國(guó)必須學(xué)習(xí)習(xí)慣發(fā)揮新的作用，正如世界其他國(guó)家必須學(xué)習(xí)去適應(yīng)崛起中的中國(guó)一樣。這是一項(xiàng)榮譽(yù)有這個(gè)機(jī)會(huì)的進(jìn)程作出貢獻(xiàn)的思想，這意味著什么。
在這篇論文中我將談到三個(gè)方面。首先，我會(huì)嘗試解釋一下我所理解的所謂“基本均衡匯率”（FEER），并說(shuō)明它是如何計(jì)算出來(lái)的。第二，我會(huì)檢驗(yàn)這種方法得出的目前可取價(jià)值人民幣匯率。我認(rèn)為，包括從中國(guó)自身需要的角度來(lái)看，人民幣大幅度升值確實(shí)是可取的。第三，我將解釋為什么我認(rèn)為中國(guó)當(dāng)局拒絕有關(guān)廢除人民幣資本控制和流動(dòng)的建議的做法是正確的

China may not welcome the attention that has been bestowed on the question of the renminbi exchange rate in recent months, but it is a symptom of the fact that the country has emerged as a significant force in the global economy. That attention is not going to go away. China must learn to live with its new role, just as the rest of the world has to learn to live with an emergent China. It is an honor to have this opportunity of contributing to the process of thinking through what that implies.I propose to address three topics in this lecture. First, I will try and explain what I mean by a "fundamental equilibrium exchange rate" (FEER) and describe how it is calculated. Second, I will examine what this approach suggests about the desirable value of the renminbi at the present time. I will argue that a substantial renminbi appreciation is indeed desirable, including from the standpoint of China's own needs. Third, I will explain why I believe the Chinese authorities were right to reject the suggestion that they should abolish capital controls and float the renminbi.

④關(guān)鍵字 人民幣/The Renminbi