zh eff金融世界第十四讲浮动汇率与固定汇率

金融世界第十四讲 要继续跟您谈谈floatingexchangerates浮动汇率和fixedexchange在上一讲中 为您介绍了澳大利亚从一九八三年开始实行澳元的浮动汇率制。在此之 GoldStandardBrettonWoodssystem布雷crawlingpegsystem蠕Oneofthemostimportantbenefitsoffloatingexchangeratesisthattheyhelptoinsulatethedomesticeconomyshocks.Forexampleunderfixedexchangerates,ifanexportmarketcollapses,theadverseimpactistransmittedfullytothedomesticeconomy.Itmaybesaidthatweachievestabilityoftheexchangerateatthecostofdomesticinstability.However,ifasimilarthinghappensunderfloatingexchangerates,theautomaticdepreciationofthedollarhelpstooffsetthenegativedomesticeffects.Inotherwords,wegetrelativedomesticstabilityatthecostofexchangerateinstability.Furthermore,ourdomesticeconomicoptionsarethemselvessignificantlyaffectedbywhetherexchangeratesarefixedorfloating.insulate隔adverseimpacttransmit下 分段听一遍巴里克拉克的这段及中文翻译：（英文略浮动汇率最大的好处是它有助于国内经济免受（国际金融市场的）打击。举例来说，在固定汇率制度下，如果一个出口市场，国内经济就会经受全部的打击。这也以说是以国内经济为代价来换取汇率的稳定。 ： ary货币政fiscal政tradebalancedeficit预算)Whenyouhaveafixedexchangerate,thenm arydoesnothaveagreatdealofinflunceondomesticeconomicactivity.Underafloatingrate,achangeintheinterestratehasquiteapowerfuleffectontheexchangerateand,throughthetradebalance,hasamuchbiggereffectonthelevelofeconomicactivity.Sofloatingratesdomakem arymorepotentthanafixedrateTheoppositeistrueforfiscal,becauseifthe ernmentdecidesitwantstorunabiggerdeficitbecauseitthinksthatwouldexpandtheeconomy,whatwillhappen,ofcourse,isthatthedomesticinterestratewillgoup,thatwillleadtotheoppositechangeinthetradebalance,andthatwilloffsetsomeofthefiscalexpansion.Sotherelativeefficacyoffiscalandm aryandhowyouneedtousethosetoolsdoeschangedependingonwhatsystemyou'reunder.下 分段听一遍安妮克鲁格教授的谈话和中文翻译：（英文略会上升，这会导致贸易收支向相反方向变化，从而抵销一部分的膨胀。因此收支政现 再听一遍斯坦福大学经济学教授这段话的全文。（略Ingeneral,therecordoffixedexchangerateregimes,atleastinthiscentury,hasnotbeenwhollyimpressive.Notonlydidtheyfailtomaintainexchangeratestability,buttheygavespeculatorsvirtuallyunderwrittenopportunitiesfordestabilisingprofit-makingthatsimplydonotexistinafloatingrates