固定汇率与浮动汇率比较.ppt

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 sam

2、e reason as that justifying mone- tary integration at the level of individual countr- ies, namely, the existence of a common standard of 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 sh

3、ould be compared with the costs 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

4、 control of monetary policy in their own economy as the interest rate cannot deviate from the world interest rate, unless cons- traints are imposed on convertibity),4,Floating Exchange Rate The first supposed advantage of a floating rate was that it would rapidly move to maintain pur- chasing power

5、parity, thus preventing real exch- ange rate misalignments, and their consequences for the balance of payments, which were often a feature of the Bretton Woods pegged exchange r- ate system.A second supposed advantage of a fle- xible rate system was that it would always move to maintain balance of payments equilibrium an- d so insulate a country from shocks emanating in,5,the rest of the world. Finally, a floating exchange rate system, because its equilibrating n