In this foundation , reviewed m - f model , trilemma of the exchange rate regime and the expansion “ impossible triangle ” . these are famous about the classical theory of the effectiveness of the monetary policy in the opening economy . and has carried on the simple analysis appraisal to the above theory serviceability , takes the full text the theory basis and the instruction . the second part , comprehensively systematically separately elaborated the exchange rate - system and the circulation of capital condition to the effectiveness of the monetary policy 全文共分四个部分:第一部分,在阐述了货币政策有效性定义的基础上,回顾了蒙代尔?弗莱明模型、克鲁格曼“不可能三角”及扩展“不可能三角”这些著名的关于开放经济下货币政策有效性的经典理论,并对上述理论的适用性进行了简单的分析评价,作为全文的理论依据和指导。
Utilize f - m model that improve to exchange rate analysis who system choose , separately at fixed exchange rate system and floating rate system control and combine together and result of the financial policy enter the monetary policies of developing country terms with different capital it walks analysis give and publish and in different economy out - of - balance the developing countries of states choose exchange rate the basic principles of system 对汇率制度选择的分析利用了改进的蒙代尔? ?弗莱明模型，分别对固定汇率制度和浮动汇率制度与不同的资本管制相结合条件下发展中国家的货币政策和财政政策的效果进行分析，进而给出处于不同的经济失衡状态的发展中国家选择汇率制度的基本原则。
Second , based on the analysis of the underlying assumptions of the mundell - fleming model and the current government control of interest rates and foreign currencies , the paper points out the necessity to improve the mundell - fleming model according to the real conditions of the current chinese macro - economy , and thus to improve the independence and effectiveness of the monetary policy under a fixed exchange rate regime 第二，通过对比分析蒙代尔?弗莱明模型所隐含的假设前提与我国目前存在的利率管制及外汇管制的客观现实，指出有必要根据我国宏观经济的客观经济对该模型进行适当改进，以此提高在钉住汇率制度下我国货币政策的独立性和有效性。
On 19 september , cuhk will present lectures by three nobel laureates in economic sciences . the university will allocate a limited number of free tickets for the general public . the three nobel laureates in economic sciences are : professor robert a . mundell 1999 winner , professor thomas c . schelling 2005 winner and professor edmund s . phelps 2006 winner 是次讲座将于本月十九日在中大校园举行，三位诺贝尔经济学奖讲者分别为蒙代尔教授( professor robert a . mundell ) （一九九九年得主） 、谢林教授( professor thomas c . schelling ) （二零零五年得主） ，以及费尔普斯教授( professor edmund s . phelps ) （二零零六年得主） 。
The author discusses the causes of international monetary crisis . then the author reviews the mundell ’ s theory of oca and its recent development , analyzing the counter - effect of international monetary cooperation . based on these theoretical works , the author summarizes the typical viewpoint about which is the better exchange - rate regime between the fixed exchange rates and the floating exchange - rate , analyzing the recent development of the choice of exchange rate regime , such as the theory of original sin and two poles approach 第一章从国际货币合作和国际经济政策协调等概念的界定入手,探讨了国际货币体系悖论的制度背景和国际货币危机产生的原因,进而阐述了蒙代尔“最优货币区理论”及其最新发展,分析了国际货币合作中的逆效等问题,并在此基础上,总结了传统的固定汇率制度与浮动汇率制度孰优孰劣的观点及当前国际汇率制度选择理论的最新成果,例如原罪论、恐惧浮动论和两极论等。
