关键词: 实际汇率政策, 经济增长, 竞争性, 稳定性

Abstract: How to make an appropriate real exchange rate policy to promote the economic growth in an open economy is an important issue in the process of economic development. From the perspective of its development history and evolution logic, the real exchange rate policy is particularly important for the economic growth of developing countries, and its influence can be divided into three important historical periods. East Asian experience after the second world war shows that export-oriented countries could achieve trade sector expansion and economic growth through competitive policies of undervalued real exchange rates. On the other hand, some countries in Africa and South America relied too much on natural resources and restrained the development of other tradable non-natural resources sectors, which eventually led to overvaluation of exchange rates and “resource curse”. Exchange rate fluctuations in the post-financial crisis period have also affected a country's exchange rate policy choice to a large extent. Both the Asian financial crisis and the subprime crisis have shown that maintaining a stable real exchange rate is more conducive to the economic growth of developing countries. In the new period, considering the development trend of global economic transformation, it is necessay to take into consideration the dual background of the economic growth and the expansion of opening-up when formulating the real exchange rate policy. Building a new real exchange rate policy framework, which takes into account both competitiveness and stability, is the important guarantee of promoting a sustainable and stable economic growth, and the corresponding industry policy making and the capital account control are complementary conditions for for the real exchange rate policy in the new period.

Key words: Real Exchange Rate Policy, Economic Growth, Competitiveness, Stability