中文摘要：

根据资产负债表表现形式的不同,货币错配可分为净外币负债形态的货币错配和净外币资产形态的货币错配,研究者大多认为当前我国面临着较为严重的后一种形式的货币错配风险,但现有模型却多数集中在对净外币负债形态的货币错配风险的研究上。文章构建了基于微观经济主体行为的多重均衡模型,试图揭示在本币升值的情况下,净外币资产形态的货币错配如何通过资产负债表渠道对银行和企业进而对宏观经济造成冲击。模型表明本币的大幅升值会恶化微观经济主体的资产负债表,并使经济稳定在'坏'的均衡点上。文章还进一步分析了在'坏'的均衡点上,央行应该采取的对策。

英文摘要：

Currency mismatch can be classified into two types,the one in the form of net foreign currency liabilities and the other in the form of net foreign currency assets.The latter is regarded as the existence more serious in China.But current models mostly focus on the former.The paper establishes a multiple equilibrium model and tries to reveal the effects of currency mismatch in the form of net foreign currency assets on banks,enterprises and macro-economy under domestic currency appreciation.The model indicat...