Abstract: Using panel data of 77 regions from the periods of 2000 to 2010 and based on GMM model, this paper studies the impact of exchange rate regime on monetary independence. The results showed that, the flexibility of exchange rate arrangement had significantly positive influence on monetary independence after controlling the effect of inflation, economic growth and trade openness; Capital control weakened the impact of exchange rate regime on monetary independence in emerging and other markets; The periodic difference of financial development strengthened the impact of financial development on monetary independence in industrial countries, whereas weaken that impact in emerging and other markets; In general, monetary independence in the federal rate rising cycle is weak than that in the federal rate declining cycle.

摘要： 运用77个国家和地区2000年至2010年间的面板数据，采用GMM方法研究汇率制度弹性变化对货币政策独立性的影响。结果显示，在控制了通货膨胀、经济增长、贸易开放度等因素后，汇率制度弹性对货币政策独立性具有显著的正向影响；资本管制导致汇率制度弹性的作用在新兴和其他经济体中被弱化；金融发展水平的阶段性差异导致金融发展对发达经济体的货币政策独立性具有显著的增强效应，而对新兴和其他经济体的货币政策独立性具有显著的削弱效应；总的来说在美联储升息周期各国货币政策独立性要高于其在美联储降息周期的情况。