固定汇率与浮动汇率比较null专栏3-固定汇率与浮动汇率比较专栏3-固定汇率与浮动汇率比较Fixed Exchange Rate and
Floating Exchange Rate nullFixed Exchange Rate
A fundamental advantage of a regime with fix-
ed exchange rates, in one view, is that it implies
monetary integration . International m...
null专栏3-固定汇率与浮动汇率比较专栏3-固定汇率与浮动汇率比较Fixed Exchange Rate and
Floating Exchange Rate nullFixed 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 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
nullbenefits that may result from a system with sta-
ble exchange rates should 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 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)
nullFloating Exchange Rate
The first supposed advantage of a floating rate
was that it would rapidly move to maintain pur-
chasing power 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
nullthe rest of the world. Finally, a floating exchange
rate system, because its equilibrating nature, wo-
uld enable a country to hold a smaller amount of
foreign exchange reserves.
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