蒙代尔--弗莱明模型中的资本流动性及其政策..doc

开放经济下的汇率制度、资本流动与政策效应 ——对蒙代尔-弗莱明模型中资本流动性研究的改进 刘正良 桑光淇 刘正良 工作单位：扬州职业大学博士、副教授 联系方式：扬州市老虎山路20号职业大学宿舍2幢203室 邮 编：225002 桑光淇 工作单位：扬州职业大学讲师，硕士研究生 联系方式：扬州职业大学 潘 杨 工作单位：重庆大学学院大学学院英文提要 Rate system, Capital Mobility and Policy Effect under Opening Econormy ——the Improvement to the Study on the Capital Mobility in the Mundell-Fleming Model When we analyses the effect of the economic policy in opening economic context using Mundell-Fleming Model, the current economic theory limits us to classify the capital mobility only to two utmost conditions: the entire non-mobility and entire mobility. Therefore, it lacks relatively the model describing the capital mobility of various degree although it has concerned some of the non-entire mobility between the two utmost ones. This paper classifies the capital mobility model in Mundell-Fleming Model into four types: the entire non-mobility, low mobility, high mobility and entire mobility from the comparison of slope of the BP carve expressing the balance of payment with that of LM carve expressing equilibrium of monetary market. And, we inspect the effect put by capital mobility on both of financial and monetary policy respectively in the two rate systems. In the whole, in the Fixed Rate System, no monetary policy is effective no matter how the capital mobility degree is. And the product effect of expansive financial policy is positive to the capital mobility degree. In the Floating Rate System, the financial policy is more effective than monetary one. However, both the product effect of expansive financial and monetary policy are inverse to the capital mobility degree. The reason is in that various capital mobility degree leads to various orientation and extent of Balance of Payment change. Under Fixed Rate System, the expansive financial policy effect is positive to the capital mobility degree in that the higher the capital mobility is, the bigger the balance of payment surplus caused by expansive financial policy is, and the bigg