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《Journal of Finance and Economics》 2009-04
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Research on Foreign Exchange Intervention,Employment and Macro-economic Growth——An Example of Empirical Studies on Foreign Exchange Intervention in China from 1994 to 2007

LU Zhi-ming,CHEN Shi (1.National Philosophy and Social Sciences Innovation Base for Public Management and Public Policy Studies,Fudan University,Shanghai 200433,China;2.Institute of Urban Finance,Industrial and Commercial Bank of China,Beijing 100036,China)  
This paper analyzes the relationship among foreign exchange intervention,employment and macro-economic growth by constructing a theoretical model.It considers that the central bank can benefit from foreign exchange intervention which could effectively reduce the possibility of big fluctuations of employment and economic growth.Based on the theoretical model,the paper makes an empirical study on the implementation effect of foreign exchange policy from 1994 to 2007 and obtains main conclusions which are consistent with the theoretical model.Market-oriented RMB foreign exchange intervention could lead to positive intervention earnings and reduce the possibility of fluctuations of employment and economic growth.It would be a rational choice to carry out more flexible foreign exchange intervention policy for China affected by sub-prime lending crisis.
【CateGory Index】: F832.6;F249.2;F124;F224
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