在开放经济中,物价水平和汇率是可能受到外资流量影响的两个重要的经济变量。根据汇率制度的差异,外资流入产生影响的渠道与表现形式有所不同。在固定汇率制度下,外资的净流入可能导致一国的货币供给增加,由此形成通货膨胀压力。60年代的国际收支货币理论的提出者哈里·约翰逊和雅各布·弗兰柯认为,从长期看,一国的货币需求是稳定的,而一国的货币供给包括国内货币供给和来自国外的货币供给两部分,在一定实物产量短期视为不变的情况下,物价是国内货币供给及国外流入货币的内生变量,在货币供给上升,实物产量不变的 In an open economy, price levels and exchange rates are two important economic variables that may be affected by foreign flows. According to the differences in exchange rate regimes, the channels and forms of the inflow of foreign capital have different effects. Under a fixed exchange rate system, a net inflow of foreign capital may lead to an increase in the money supply in a country, thus creating inflationary pressures. In the 1960s, Harry Johnson and Jacob Frankcler, the authors of the BOP theory, argues that, in the long run, the monetary demand of a country is stable while the money supply of a country includes the domestic money supply and the demand from abroad Of the money supply in two parts, in a certain short-term physical output unchanged, the price is the domestic currency supply and foreign currency inflows endogenous variables in the money supply rose, the same physical output