《固定汇率与浮动汇率比较.ppt》由会员分享，可在线阅读，更多相关《固定汇率与浮动汇率比较.ppt（5页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、专栏3-固定汇率与浮动汇率比较Fixed Exchange Rate and Floating Exchange Rate 1lFixed 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 as
2、 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.The2benefits that may result from a system with sta-ble exchange rates should be compared with
3、 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 inth
4、eir own economy as the interest rate cannotdeviate from the world interest rate,unless cons-traints are imposed on convertibity)3lFloating 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-ange r
5、ate 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 in4the 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.5