固定汇率与浮动汇率比较.ppt

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2025-02-12 发布于四川
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固定汇率与浮动汇率比较.ppt

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1专栏3-固定汇率与浮动汇率比较FixedExchangeRateandFloatingExchangeRate

2FixedExchangeRateAfundamentaladvantageofaregimewithfix-edexchangerates,inoneview,isthatitimpliesmonetaryintegration.Internationalmoneyini-nternationaleconomyisseenascruciallybenefi-cial,forthesamereasonasthatjustifyingmone-taryintegrationatthelevelofindividualcountr-ies,namely,theexistenceofacommonstandardofvalueandmediumofpaymenttoexpresseco-nomiccontractsandregulatetransactions.The

3benefitsthatmayresultfromasystemwithsta-bleexchangeratesshouldbecomparedwiththecostsduetotheconstraintsthatsuchasystemi-mposesonsovereignty,thatis,theabilityofcou-ntriestoactontheirowninsteadofunderthein-structionsofanother.Clearly,sovereigntyisco-nstrainedunderirrevocablefixedexchangerate(e.g.countrieslosecontrolofmonetarypolicyintheirowneconomyastheinterestratecannotdeviatefromtheworldinterestrate,unlesscons-traintsareimposedonconvertibity)

4FloatingExchangeRateThefirstsupposedadvantageofafloatingratewasthatitwouldrapidlymovetomaintainpur-chasingpowerparity,thuspreventingrealexch-angeratemisalignments,andtheirconsequencesforthebalanceofpayments,whichwereoftenafeatureoftheBrettonWoodspeggedexchanger-atesystem.Asecondsupposedadvantageofafle-xibleratesystemwasthatitwouldalwaysmovetomaintainbalanceofpaymentsequilibriuman-dsoinsulateacountryfromshocksemanatingin

1therestoftheworld.Finally,afloatingexchange2ratesystem,becauseitsequilibratingnature,wo-3uldenableacountrytoholdasmalleramountof4foreignexchangereserves.