3固定匯率與浮動匯率比較ppt課件

1、Fixed Exchange Rate and Floating Exchange Rate lFixed Exchange Ratel A fundamental advantage of a regime with fix-led exchange rates, in one view, is that it implies lmonetary integration . International money in i-lnternational economy is seen as crucially benefi-lcial, for the same reason as that

2、justifying mone-ltary integration at the level of individual countr-lies, namely, the existence of a common standardlof value and medium of payment to express eco-lnomic contracts and regulate transactions. Thebenefits 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

4、 intheir own economy as the interest rate cannotdeviate from the world interest rate, unless cons-traints are imposed on convertibity) lFloating Exchange Ratel The first supposed advantage of a floating ratelwas that it would rapidly move to maintain pur-lchasing power parity, thus preventing real e

5、xch-lange rate misalignments, and their consequenceslfor the balance of payments, which were often alfeature of the Bretton Woods pegged exchange r-late system.A second supposed advantage of a fle-lxible rate system was that it would always movelto maintain balance of payments equilibrium an-ld so insulate a country from shocks emanating inthe rest of the world. Finally, a floating exchangerate system, because its equilibrating