已阅读5页，还剩24页未读， 继续免费阅读
版权说明：本文档由用户提供并上传，收益归属内容提供方，若内容存在侵权，请进行举报或认领
文档简介
InternationalEconomicsTenthEdition FlexibleversusFixedExchangeRates theEuropeanMonetarySystem andMacroeconomicPolicyCoordinationDominickSalvatoreJohnWiley Sons Inc Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc CHAPTERTWENTY 20 Inthischapter IntroductionTheCaseforFlexibleExchangeRatesTheCaseforFixedExchangeRatesOptimumCurrencyAreas theEuropeanMonetarySystem andtheEuropeanMonetaryUnionCurrencyBoardsArrangementsandDollarizationExchangeRateBands AdjustablePegs CrawlingPegs andManagedFloatingInternationalMacroeconomicPolicyCoordination Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc Introduction Advocatesofafixedexchangeratesystemargueforthecertaintyandstabilityoffixedrates whileadvocatesofaflexiblerateclaimmoreefficiencyincorrectingbalanceofpaymentsdisequilibria Thereisnoclear cutconclusionaboutwhetherfixedorflexibleexchangeratesaresuperior Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc TheCaseforFlexibleExchangeRates Aflexibleexchangeratesystemissaidtobemoreefficientthanafixedexchangeratesystembecause Itreliesonlyonchangingexchangerates notprices toadjustbalanceofpayments Itmakesadjustmentssmoothandcontinuousratherthanoccasionalandlarge Itclearlyidentifiesthenation sdegreeofcomparativeadvantageanddisadvantageinvariouscommodities Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc TheCaseforFlexibleExchangeRates Thepolicyadvantagesofaflexibleexchangeratesystem Itfreesmonetarypolicyfordomesticgoals Itenhancestheeffectivenessofmonetarypolicy Itallowseachnationtopursueitsowninflation unemploymenttrade off Itremovesthedangerthatthegovernmentwillusetheexchangeratetoreachgoalsbetterachievedbyotherpolicies Iteliminatesthecostofofficialinterventionsinforeignexchangemarkets Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc TheCaseforFixedExchangeRates Thecaseforfixedexchangeratesrestson Lessuncertaintythanflexiblerates Flexibleratesdoleadtoexcessivevolatilityinexchangerates Speculationlikelytobemorestabilizingthanflexiblerates Empiricalevidencesuggeststhataflexiblesystemdoesnotcompareunfavorablywithafixedratesystemwithrespecttowhetherspeculationisstabilizingordestabilizing Lessinflationarythanflexiblerates Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc FIGURE20 1ShiftsintheNation sDemandCurveforForeignExchangeandUncertainty Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc FIGURE20 2FluctuationsinExchangeRateintheAbsenceofSpeculationandwithStabilizingandDestabilizingSpeculation Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc OptimumCurrencyAreas theEuropeanMonetarySystem andtheEuropeanMonetaryUnion Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc Anoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangerates Conditionsthatmakeoptimumcurrencyareaoptimum GreatermobilityofresourcesamongmembernationsGreaterstructuralsimilaritiesGreaterwillingnessofthenationstocoordinatefiscal monetaryandotherpolicies OptimumCurrencyAreas theEuropeanMonetarySystem andtheEuropeanMonetaryUnion Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc Benefitsofoptimumcurrencyarea Eliminatesexchangerateuncertainty stimulatingspecializationinproductionandflowoftradeandinvestments Encouragesproducerstoviewentireareaassinglemarket benefittingfromgreatereconomiesofscale Providesgreaterpricestabilityaspriceshocksindifferentregionscanceleachotherout Savescostofofficialinterventionsinforeignexchangemarkets costofhedging andcostofcurrencyexchange OptimumCurrencyAreas theEuropeanMonetarySystem andtheEuropeanMonetaryUnion Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc Disadvantageofoptimumcurrencyarea Membernationscannotpursueindependentstabilizationandgrowthpoliciesfortheirparticularcircumstances OptimumCurrencyAreas theEuropeanMonetarySystem andtheEuropeanMonetaryUnion Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc TheEuropeanMonetarySystem EMS formedin1979 laidthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity Mainfeatures EstablishedtheEuropeanCurrencyUnit ECU weightedaverageofmembercurrencies Establishednarrowboundsforfluctuation 2 25 aroundparity establishingfixedbutadjustableexchangeratesystem EstablishedtheEuropeanMonetaryCooperationFundtoprovidebalanceofpaymentsassistancetomembers OptimumCurrencyAreas theEuropeanMonetarySystem andtheEuropeanMonetaryUnion Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc TheMaastrichtTreaty 1991 generatedtheagendabywhichfullmonetaryunionwouldbeachieved OptimumCurrencyAreas theEuropeanMonetarySystem andtheEuropeanMonetaryUnion Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc Stagestomonetaryunion Coordinationofmacroeconomicpoliciesandremovalofbarrierstocapitalmovementswithinnations CreationoftheEuropeanMonetaryInstituteasaforerunnertotheEuropeanCentralBank EstablishmentofasinglecurrencyandEuropeanCentralBankforforeignexchangemarketinterventionsandopenmarketoperations OptimumCurrencyAreas theEuropeanMonetarySystem andtheEuropeanMonetaryUnion Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc Conditionsforjoiningthemonetaryunion Inflationnohigherthan1 5percentgreaterthantheaverageofthethreememberswiththelowestratesofinflation Abudgetdeficitnogreaterthan3percentofGDPOverallgovernmentdebtnogreaterthan60percentofGDP OptimumCurrencyAreas theEuropeanMonetarySystem andtheEuropeanMonetaryUnion Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc Conditionsforjoiningthemonetaryunion Long terminterestratesnottoexceed2pointsmorethantheaverageinterestratesofthethreecountrieswiththelowestrates Theaverageexchangeratenotfallingbymorethan2 25percentoftheaverageoftheEMSforthetwoyearspriortojoining CurrencyBoardsArrangementsandDollarization Underacurrencyboardarrangement anationrigidlyfixestheexchangerateofitscurrencytoaforeigncurrency anditscentralbankceasestooperateassuch Acurrencyboardisthemostextremeformofexchangeratepegshortofadoptingacommoncurrency Usuallydonewhennationisindeepfinancialcrisis andtocombatinflation Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc CurrencyBoardsArrangementsandDollarization Advantages Reductioninexchangeraterisk Reduceddomesticinflationarypressure Disadvantages Completelossofdomesticmonetarycontrol Nolenderoflastresort Lossofabilitytoearnseignoragefromthecreationofmoney Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc CurrencyBoardsArrangementsandDollarization Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc Dollarizationistheadoptionofanothernation scurrencyaslegaltender Advantages Eliminationofdomesticcurrencyexchangeraterisk Externaldeterminationofinflationandinterestrates Externalmacroeconomicpolicydiscipline CurrencyBoardsArrangementsandDollarization Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc Dollarizationistheadoptionofanothernation scurrencyaslegaltender Disadvantages Costofreplacingdomesticcurrencywithanothercurrency Lossofindependenceofmonetaryandexchangeratepolicies facingsamemonetarypolicyascountrywhosecurrencywasadopted Lossofcentralbankaslenderoflastresort ExchangeRateBands AdjustablePegs CrawlingPegs andManagedFloating ExchangeRateBandsMostfixedexchangeratesystemsallowtheratetofluctuatewithinnarrowlydefinedbandsaboveandbelowparvalue Theactualexchangerateisdeterminedbysupplyanddemandwithinthebandoffluctuation andispreventedfrommovingoutsidebandbyofficialintervention Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc ExchangeRateBands AdjustablePegs CrawlingPegs andManagedFloating AdjustablePegsAnadjustablepegrequiresdefiningtheparvalueandthebandoffluctuation withthestipulationthatthecurrencywillbedevaluedtocorrectbalanceofpaymentsdeficit orrevaluedtocorrectsurpluses Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc ExchangeRateBands AdjustablePegs CrawlingPegs andManagedFloating CrawlingPegsUnderacrawlingpegsystem parvaluesarechangedbysmallpreannouncedamountsorpercentagesatfrequentandclearlyspecifiedintervalsuntiltheequilibriumexchangerateisreached Thisisdonetoavoidrelativelylargechangesinparvaluesandpossiblydestabilizingspeculation Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc ExchangeRateBands AdjustablePegs CrawlingPegs andManagedFloating ManagedFloatingUnderamanagedfloatingexchangeratesystem thenation smonetaryauthoritiesareresponsibleforinterveninginforeignexchangemarketstosmoothoutshort runfluctuationswithoutattemptingtoaffectlong runtrendinexchangerates Salvatore InternationalEconomics 10thEdition 2010JohnWiley Sons Inc ExchangeRateBands AdjustablePegs CrawlingPegs andManagedFloating ManagedFloatingApolicyofleaningagainstthewindrequiresthemonetaryauthorityto Supply fromreserves aportionofshort runexcessdemandforforeignexchange moderatingtendencyofcurrencytodepreciate Absorb addtoreserves aportionofanyshort runexcesssupply moderatingtende
温馨提示
- 1. 本站所有资源如无特殊说明，都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等，如果需要附件，请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸，网页内容里面会有图纸预览，若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间，仅对用户上传内容的表现方式做保护处理，对用户上传分享的文档内容本身不做任何修改或编辑，并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容，请与我们联系，我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 2026中国工商银行河北省分行校园招聘500人备考题库含答案详解（巩固）
- 2026中国农业银行大连市分行校园招聘205人备考题库（含答案详解）
- 2026国家开发银行成都审计分部秋季校园招聘备考题库含答案详解
- 2025重庆潼南区事业单位面向“三支一扶”人员公开招聘9人备考题库及答案详解（夺冠）
- 2025安康平利县城市管理综合执法大队协管员招聘备考题库含答案详解（基础题）
- 2025年南昌市消防救援支队水上大队招聘勤务及宣传勤务文员3人备考题库附答案详解（b卷）
- 2025辽宁沈阳市和平区招聘社区工作者61人备考题库含答案详解（巩固）
- 2025年商丘睢阳区消防救援大队招聘政府专职消防员15名备考题库及答案详解（必刷）
- 2025重庆市九龙坡区人民医院杨家坪分院 （杨家坪街道社区卫生服务中心）非在编人员招聘4人备考题库附答案详解（巩固）
- 2026年江苏安全技术职业学院单招职业技能测试模拟测试卷附答案
- 汾阳酒厂安全培训课件
- 2024年沧州师范学院公开招聘辅导员笔试题含答案
- 2025年第四届多层陶瓷 LTCC HTCC MLCC产业论坛：MLCC发展趋势及信维新产品介绍
- 社会心理学课题申报书
- 骨科支具的应用与护理
- 黔西南布依族苗族自治州2025贵州黔西南州农业林业科学研究院引进高层次人才和急需紧缺人才1人笔试历年参考题库附带答案详解
- 动物防疫法解读
- 辽沈战役精简课件
- DB62∕T 4392-2021 集中式饮用水水源地命名和信息编码规范
- （正式版）DB6101∕T 3077-2020 《物业服务规范 会务服务》
- 景观模型设计课件
评论
0/150
提交评论