固定汇率与浮动汇率比较.ppt

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1、1,专栏3-固定汇率与浮动汇率比较,Fixed Exchange Rate and Floating Exchange Rate,2,Fixed Exchange Rate A fundamental advantage of a regime with fix-ed exchange rates,in one view,is that it implies monetary integration.International money in i-nternational economy is seen as crucially benefi-cial,for the same reason

2、 as that justifying mone-tary integration at the level of individual countr-ies,namely,the existence of a common standardof value and medium of payment to express eco-nomic contracts and regulate transactions.The,3,benefits that may result from a system with sta-ble exchange rates should be compared

3、 with thecosts due to the constraints that such a system i-mposes on sovereignty,that is,the ability of cou-ntries to act on their own instead of under the in-structions of another.Clearly,sovereignty is co-nstrained under irrevocable fixed exchange rate(e.g.countries lose control of monetary policy

4、 intheir own economy as the interest rate cannotdeviate from the world interest rate,unless cons-traints are imposed on convertibity),4,Floating Exchange Rate The first supposed advantage of a floating ratewas that it would rapidly move to maintain pur-chasing power parity,thus preventing real exch-

5、ange rate misalignments,and their consequencesfor the balance of payments,which were often afeature of the Bretton Woods pegged exchange r-ate system.A second supposed advantage of a fle-xible rate system was that it would always moveto maintain balance of payments equilibrium an-d so insulate a country from shocks emanating in,5,the rest of the world.Finally,a floating exchangerate system,because its equilibrating nature,wo-uld enable a country to hold a smaller amount offoreign exchange reserves.,