下载

0下载券

加入VIP
  • 专属下载券
  • 上传内容扩展
  • 资料优先审核
  • 免费资料无限下载

上传资料

关闭

关闭

关闭

封号提示

内容

首页 国际金融研究【英文论文】

国际金融研究【英文论文】.doc

国际金融研究【英文论文】

碎心沙漠sV
2018-12-11 0人阅读 举报 0 0 0 暂无简介

简介:本文档为《国际金融研究【英文论文】doc》,可适用于领域

国际金融研究【英文论文】Fixedexchangeratesystemthemonetaryauthoritytothelocalcurrencyagainstothercurrenciestothebasicfixedlimitfluctuationsincertain,verysmallrangeUnderthissystemtheexchangerateisundercontrolinthemonetaryauthorities,withinthestatutoryrangeoffluctuations,whicharerelativelystableFloatingexchangeratesystemgenerallyreferstothefreefloatingexchangeratesystemisrelativetothefixedexchangeratesystemisconcerned,isacountrydoesnotrequirethenationalcurrencyandforeigncurrencyexchangeratefluctuations,exchangeratefluctuationsdonotassumetheobligationsoftheboundaries,andletforeignexchangerateswithchangesinmarketsupplyanddemandfreefloatingUnderthissystem,foreignexchangefullyintotheinternationalfinancialmarkets,aspecialcommodity,theexchangerateasthepriceofthiscommoditytradingDifferentexchangerateregimesinthefaceofinternationalcapitalflowshaveanimpactonthenationaleconomywhentheperformancedifferenceIngeneral,chooseafloatingexchangerate,mainlybymarketforcestocontrolcrossbordercapitalflowsandthechoiceofafixedexchangerate,youneedthegovernmenttocontrolcrossbordercapitalflowsTernaryparadoxtheory,anindependentmonetarypolicy,exchangeratestabilityandfreecapitalmobilitycannotsimultaneouslyachievethreegoals,whileachievingonlytwoInfactallcountriescanonlychooseoneoftwogoalstotheiradvantageAtpresent,thefixedexchangerateregimeandfloatingexchangeratesystemisbetterisinconclusiveThebenefitsofafloatingexchangeratesystemare:()floatingexchangeratesystemcanguaranteetheindependenceofmonetarypolicy()floatingexchangeratecanhelpreduceexternalshocks()interventiontoreducetheexchangeratewillbedeterminedbythemarket,moretransparent()donotneedtomaintainthehugeforeignexchangereservesButoneofthefloatingexchangeratealsohassomeconcerns:()inafloatingexchangerateregime,theexchangeratewillalwaysbeasubstantialexcessvolatility,maynotbeconducivetotradeandinvestment()Sincethefreefloatingexchangerate,itmaybespeculation()floatingexchangeratesystemonacountry’scapacityformacroeconomicmanagement,financialmarketdevelopmentandotheraspectsofhigherdemandInreality,noteverycountrycanmeettheserequirementsThebenefitsoffixedexchangeratesystemare:()theuncertaintyofexchangeratefluctuationswillbereduced()theexchangeratecanbeseenasanominalanchor(nominalanchor),pricelevelandinflationisexpectedtopromotestabilityHowever,thefixedexchangeratesystem,therearesomeshortcomings:()easilyleadtocurrencyovervaluation,weakenthecompetitivenessoflocalexports,causinglongtermunsustainablecurrentaccountimbalances(),whiletherigidexchangeratearrangementsmaybeconsideredimplicitexchangerateguarantees,whichencourageshorttermcapitalinflowsandthereisnohedgingofforeigndebt,damagethehealthofthelocalfinancialsystemInthefixedexchangeratesystem,aStatemusteithersacrificetheindependenceofitsmonetarypolicy,orrestrictfreemovementofcapital,otherwiseeasilyleadtocurrencyandfinancialcrisisFloatingexchangeratesystemistheexchangerate,thereisamarketofsupplyanddemand,withoutanygovernmentinterventionintheexchangeratesystemInviewofafloatingexchangeratecountriesandloosemanagementstyleisnotthesamedegree,therearemanycategoriesofthesystemInterventionbytheGovernment,canbedividedintofreefloatingandmanagedfloatingFloatingform,canbedividedintoseparatefloatingandjointfloatThecurrencywaspeggedbythedifferent,canbedividedintoasinglecurrencypeggedtoafloatingcurrencyandpeggedtothesynthesisFloatingexchangerateregimetheexchangerateisdeterminedsolelybymarketsupplyanddemand,withoutanygovernmentinterventionintheexchangeratesystemInviewofafloatingexchangeratecountriesandloosemanagementstyleisnotthesamedegree,therearemanycategoriesofthesystemInterventionbytheGovernment,canbedividedintofreefloatingandmanagedfloatingFloatingfreelyfloatingexchangeratesystem:theGovernmentastomakethedecisionwiththeforeignexchangemarketsupplyanddemandofdomesticcurrencywithforeigncurrencyexchangerates,donottakeanyactionManagedfloat:limitedgovernmentinterventiontoguidethemarketinterestratestothebenefitofthedirectionoftheirfloatFloatingform,canbedividedintoseparatefloatingandjointfloatThecurrencywaspeggedbythedifferent,canbedividedintofloatingandpeggedtoasinglecurrencypeggedtothecurrencyfluctuationssynthesisFeaturesFirst,exchangeratefluctuationsinvariousforms,includingfreefloating,managedfloat,peggedfloat,singlefloat,float,etccombinedSecond,thefloatingexchangeratesystem,notapurefreefloatingexchangerate,governmentratewhennecessary,willbeovertorcovertinterventionThird,duetoexchangeratechangesaredeterminedbymarketsupplyanddemandconditions,soafloatingexchangeratethanafixedexchangeratefluctuationstobefrequent,andlargeamplitudeFourth,theSDRcurrencybasketexchangerateaspartofasystemEditthisparagraphfloatingexchangeratesystemFirst,anoverviewofthefloatingexchangeratesystemAfloatingexchangeratesystem,meaningconcept:acountry’smonetaryauthoritiesarenotprovidedinnationalcurrencyandforeigncurrencyparityandexchangeratevolatility,monetaryauthoritiesdonotassumetheobligationtolimitexchangeratefluctuations,andallowtheexchangeratewiththeforeignexchangemarketsupplyanddemandfluctuationsinafreefloatingexchangeratesystemexchangeratesystemCompletelylefttothespontaneousformationoftheexchangeratemarketsupplyanddemand,withoutanyinterventionofthestatetotakelittleornoGovernmentstendtobebasedontheirspecificcircumstances,explicitlyorimplicitlyontheforeignexchangemarketinterventiontovaryingdegreesthecenteroftheUSdollarsincethefixedexchangeratesystemcollapsedin,mainlyWesterncountriesgenerallyadoptedafloatingexchangeratesystemButthefloatingexchangeratesystemisnotonlyappearedafter,thenewexchangeratesystemIntheUnitedStatesbeganformalimplementationofthegoldstandardbefore,wasnottoolongatime,throughtheimplementationofafloatingexchangeratesystemAfterwidespreaduseofthegoldstandardinthecountry,someofthesilverstandardcountries,theexchangerateisstilloftenfluctuateForexample,Indiahasbeenimplementedin,beforethesilverstandard,theIndianrupeeandthecurrencyexchangeratebetweengoldstandardcountries,oftenwiththeparityofgoldandsilverfluctuatesAustriaHungary’scurrencyshieldbillinformallyadoptedthegoldstandardbeforeitwasonceinafloatingstateevenafter,thereisstillashortperiodoffloatingRussianrublein,beforetheimplementationofthegoldstandard,hasalsobeenpracticedfloatingMarchto(except),theFrenchfranccompletelycontroltheimplementationofthefloatingexchangeratesystemInthesGreatDepressionwastheendoftheBritishtriedafloatingexchangeratesystemUnitedStatesfromApriltoJanuaryisalsoafloatingexchangeratesystemEveninthedollarcenteredsystemoffixedexchangerateperiod,itstillhasacertainperiodinwhichmanycountrieshadimplementedafloatingexchangeratesystemSeptember,Canadaadoptedafloatingexchangerate,untiltheendofMayandthenreverttoafixedexchangerate,butbytheendofMayandtoimplementafloatingexchangerateMay,FederalRepublicofGermanyandtheNetherlandsadoptedafloatingexchangeratesystemInAugusttheUSgovernmenttostopthegolddollar,mostWesterncountrieshavefloatingexchangerates,untilDecember,WashingtonAgreement(WashingtonArseement)onlyaftertherecoveryoffixedexchangeratesEarly,wasattackedbyanewdollarcrisis,alargenumberofmajorfinancialmarketstoselldollars,buymarkandyen,goldprices,foreignexchangemarketclosedOnFebruarythesameyear,theUSgovernmentpercentdepreciationofthedollaragain,HuangJinguanpricefrom$anounceto$Theseconddollardevaluation,theWesterncountriesadoptedafloatingexchangeratesystemingeneralInJanuaryOfficiallyrecognizedbytheInternationalMonetaryFundfloatingexchangeratesystemApril,theIMFCounciladoptedRegulationsonthesecondrevisionoftheAgreement,formallyabolishedthedollarcenteredinternationalmonetarysystemThus,thefloatingexchangeratesystemintheworldtoobtainalegalstatusEditthisparagraphtypesInterventionbytheGovernmenttodivideFreefloatingorcleanfloating:referstotheexchangerate,foreignexchangemarketbythesupplyanddemandsituationonthedecisiontofreeupafloatingexchangeratesystemoff,freeadjustment,theGovernmentdoesnotinterveneDirtyfloatingormanagedfloating:thatacountry’smonetaryauthoritiestomakethenationalcurrency’sforeignexchangeratefluctuationswillnotbetoolarge,ortheexchangerateisconducivetotheireconomicdevelopmenttowardthedirectionofchange,byallmeans,explicitlyorimplicitlyontheforeignexchangemarketinterventionExtentbyfloatingorfloatingmodesplitpegtypeorinelastictypeThelocalcurrencyatafixedparityormixedwithacertainkindofforeigncurrencylinkedtoforeigncurrencyandlocalcurrencyexchangeratewithothercurrenciesandothercurrenciespeggedtofloatingexchangeratesfluctuatepeggedtoacurrency:inhistory,geography,andothervariousreasons,somecountries,foreigntrade,financialtransactionsmainlyanindustrialdevelopedcountries,orthemainuseofaforeigncurrencyTomakethistrade,financeandstabledevelopmentofrelations,fromthefrequentchangesintheexchangeratebetweentheadverseeffectsofcurrencyinthesecountriesoftenpeggedtothecurrencyoftheindustrializedcountriesForexample,someAmericancountriesliveinUScurrencyfloatingneedlesomeformerFrenchcoloniessuchasfloatingthecurrencypeggedtotheFrenchfrancAsofDecember,,countriespegtothedollar,pegcountrieshaveFrenchfranc,theotherneedletolivethesinglecurrencycountrieshaveninepegbasket(alsocalledpackage)currencyUsuallycausedbyabasketofcurrenciesofseveralmajorworldcurrencyoreconomictieswiththenationalcurrencyofthecountrymostcloselyformedSDRisoneofthemostfamousofabasketofcurrencies,whichconsistsofUSdollar,yen,pound,markandFrenchfrancandotherfivecurrenciesaccordingtotheproportionofdifferentcomposition,itspriceasthefivedailycurrencyexchangeratechangesareadjusteddailybytheInternationalMonetaryFundannouncedTheotherabasketofcurrenciespeggedtothecurrencycompositionofthepolicybythenationalfreedomofchoiceandadjustmentThisvariablehastwocharacteristics,namely,preservation,andsecond,thesmallfluctuations,exchangeratestabilityImplementationofthisexchangeratesystemthemainpurposeistoavoidanationalcurrencybycurrencydominationTotheendof,countrieshavepeggedtoSDR,peggedtoabasketofcurrenciesofothercountrieslimitedflexibilityorlimitedflexibilitytypetypeAcountry’scurrencyexchangeratepeggedtoacurrencyoragroupofcurrencyfluctuations,buttolivewiththeneedleexchangeratesbetweencurrencieshavegreatervolatilitypegacurrencyfloatAlsoknownasacurrencyrelativetothelimitedfloating:Itsbiggestfeatureistoallowacertaindegreeofvolatility,therangemustmaintaincurrencyexchangeratepegintherangeof(thisrateismorethanHighflexibilityinfrontofpeopleandspokeofacurrencypegtypenonexistentproblemofexchangeratevolatility,eveniftherearefluctuations,theamplitudeisverysmall,usuallynomorethantheminimumCurrentlylimitedrelativetothecurrencyfluctuationsoffourcountriesFloatingexchangeratesystemtoliveacurrencyfloatneedle:saidjointfloatoroverallfloat,isclosetosomeoftheeconomicgroupofnations,thecurrencyintheMemberStatesandprovidesafixedexchangeratebetweenthevolatilityofthecurrenciesofothercountriesareimplementingjointfloating,floatingratethatisbroadlyconsistentThisformisfloatinginMarchbytheEuropeanCommunityofsixcountries(France,FederalRepublicofGermany,theNetherlands,Luxembourg,BelgiumDenmark)andnoncommunityinSwedenandNorwaytojointlybuildafloatinggroupbegantoimplementthejoint,whichprovidesthatmemberStatesmaintainedafixedexchangeratebetweencurrencies,thevolatilitylimitatpercentWhentwomembersoftheexchangeratebetweenthecurrencybeyondthat,thetwocentralbankshaveanobligationtointerveneForthemembercurrenciesandtheexchangeratebetweenthecurrenciesofothercountriesareallowedbythemarketsupplyanddemandfluctuateontheirown,withoutintervention,butitsfloatingratetomaintainroughlythesame,thejointfloatBritishpoundandItalianliraThoughoncetojointhejointfloatsystem,butinSeptembertheEuropeanfinancialmarketturmoilintheexitAsoflateDecember,intheEuropeanMonetarySystemcurrencies,includingtheGermanmark,Frenchfranc,Dutchguilder,Belgianfranc,Danishkrone,Irishpound,Spanishpeseta,PortugueseescudoandtheAustrianschillingmoreflexibleorhighlyflexibletypeofmodelThatthemagnitudeofexchangeratefluctuationsarenotrestrictedtotheprincipleofindependenceforexchangerateadjustmentfloatbasedonasetofindicatorsTargetsvaryfromcountrytocountry,butmostlybasedonthecountry’sforeignexchangereserves,balanceofpayments,consumerpriceindexandtradewithitsclosetiestothecountriessuchaspricechangesintheadjustedbasisofnationalcurrencyexchangeratefluctuationsThecurrentimplementationofthissysteminthecountryofChile,Ecuador,NicaraguaandotherthreecountriesmoreflexiblemanagedfloatReferstoagovernmentoftheexchangeratesystemandthetransferofacertaindegreeofinterventionHowever,thisapproachoftenfailtoachieveafloatingeffect,sothatfluctuationsintheexchangerateisgoingintoUsingthisapproacharefloatinginChina,Singapore,SouthKoreaandothercountriesseparatefloatReferstoasinglefloatingcurrencywithoutanyforeigncurrencywiththeformationofafixedparity,theexchangeratebasedonsupplyanddemandoftheforeignexchangemarketfloatingWiththiswayoffloatingtheUnitedStates,Japan,BritainandothercountriesTheclassificationisbasedonafloatingelasticIMFinductiveway,easytobewidelyacceptedCharacteristicsofafloatingexchangeratefrequentfluctuationsinexchangeratesandtherateofrapidchangeFloatingexchangeratesysteminafloatingexchangeratesystem,governmentsnolongerrequiredaslegalcurrencyintheexchangerateparityandtheboundaries,donotassumetheobligationtomaintainexchangeratestability,exchangeratedeterminedbymarketsupplyanddemandThefluctuationsofthefrequent,largeamplitudeisfarunderthefixedexchangerateregimecannotbecomparedHefixedratetimesadayuptoormoreaweek,morethanvolatileescapeAcaseofpoliticalandeconomicsituationchanges,thegreatervolatilityFrequentexchangeratevolatilityontheinternationaleconomicorderhasbroughtinstabilitymanagedfloatingiscommonInafloatingexchangeratesystem,acompletelyfreefloatingexchangerateisnonexistentNationalmonetaryauthoritiesforavarietyofmotivesandconsiderations,havetakenmeasurestovaryingdegrees,thefloatingexchangerateintervention,itisactuallyamanagedfloatButtheintensityofintervention,interventionfrequencysizearedifferentfloatingaloneissubjectIMFstatisticsshowthatinavarietyofexchangeratearrangements,theindividualisthemainfloatinhasreachedcountries,accountingforIMFmembertoformaonethirdoftheworldsituationAsthemostindustrializedcountrieshaveimplementedfloatingaloneway,andtheytotalforeigntradeofthewholeworldaboutoftotaltrade,sotheyintheinternationalfinancialsectoroccupiesapivotalpositionItaloneisthecurrentofafloatingexchangeratefloatingmainwaysCountrieswithfloatingjoint,togetherwithaseparatefloatingstate,accountingforofIMFmembersThesetwowaysoffloatingcurrencies,includingtheworld’smajorcurrenciesandmostofallthemajorinternationalreservecurrency,sotheabovetwosystemsconstitutethemainstreamofafloatingexchangeratesystemMoreflexiblewayofamanagedfloatincountries,accountingfor,butalsoshouldgiveadequateprioritytoafloatingsystem

用户评价(0)

关闭

新课改视野下建构高中语文教学实验成果报告(32KB)

抱歉,积分不足下载失败,请稍后再试!

提示

试读已结束,如需要继续阅读或者下载,敬请购买!

评分:

/13

VIP

在线
客服

免费
邮箱

爱问共享资料服务号

扫描关注领取更多福利