靈活與固定匯率、歐洲貨幣體系和宏觀經(jīng)濟(jì)政策協(xié)調(diào)（英文版）

AnIntroductiontoInternationalEconomics

SecondEditionFlexiblevs.FixedExchangeRates,EuropeanMonetarySystem,andMacroeconomicPolicyCoordination

CHAPTERFIFTEEN1Flexiblevs.fixedexchangeratesTheadvantagesofflexibleexchangeratesExternaldisequilibriaareautomaticallycorrectedbyexchangeratemovements.AvoidmistakenordistortionarygovernmentdeterminationofexchangeratesAremoreefficientsinceresourcesarenotrequiredtomanagetheexchangeratesystemProvidesomeinsulationtothedomesticeconomyfromexternalshocks2Flexiblevs.fixedexchangeratesTheadvantagesoffixedexchangeratesEncouragegreaterinternationaltradebyreducingexchangeraterisk.(P396,LastPar)Imposepricedisciplinebyreducingtheabilityofthemonetaryauthoritytoengageinrapidmonetaryexpansion.(P396,Par3)3Optimumcurrencyareas（最佳貨幣區(qū)）Anoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.(P398,-Par3)最佳貨幣區(qū)指的是一些國(guó)家集團(tuán)，他們將各自的主權(quán)貨幣建立起永久保持固定匯率的關(guān)系，并在一系列的機(jī)制下運(yùn)行，以使這種聯(lián)系達(dá)到最優(yōu)。4OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.ConditionsHighlymobilefactorsofproductionbetweenthemembernations.(P399,Par3)5OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.ConditionsHighlymobileresourcesofproductionbetweenthemembernationsSimilarnationalstructures(P399,Par3)6OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.ConditionsHighlymobilefactorsofproductionbetweenthemembernationsSimilarnationalstructuresWillingnessofthenationstocoordinatefiscal,moneytaryandotherpolicies.(P399,Par3)7OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.AdvantagesEliminationofexchangeraterisk.(P398,-Par2)8OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.AdvantagesEliminationofexchangeraterisk.

Greateconomicsofscaleinproduction.(P398,-Par2)9OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.AdvantagesEliminationofexchangerateriskGreateconomicsofscaleinproduction.Greaterpricestability(P398,-Par1)10OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.DisadvantageThelossofabilitytopursueindependentpolicies.(P399,Par2)11StepstoEuropeanmonetaryunionTheEuropeanMonetarySystem(歐洲貨幣體系)TheMaastrichtTreaty（馬斯特例赫特條約，簡(jiǎn)稱馬約）EuropeanMonetaryUnion（歐洲貨幣聯(lián)盟）12TheEuropeanMonetarySystemTheEuropeanMonetarySystem(EMS),formedin1979,setthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity.13TheEuropeanMonetarySystemTheEuropeanMonetarySystem(EMS),formedin1979,setthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity.MainfeaturesEstablishedtheEuropeanCurrencyUnit(ECU)Weightedaverageofthecurrenciesofthemembernations14TheEuropeanMonetarySystemTheEuropeanMonetarySystem(EMS),formedin1979,setthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity.MainfeaturesEstablishedtheEuropeanCurrencyUnit(ECU)Establishednarrowboundsforfluctuation(+/-2.25percent)aroundestablishedcentralexchangerates15TheEuropeanMonetarySystemTheEuropeanMonetarySystem(EMS),formedin1979,setthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity.MainfeaturesEstablishedtheEuropeanCurrencyUnit(ECU)Establishednarrowboundsforfluctuation(+/-2.25percent)aroundestablishedcentralexchangeratesEstablishedtheEuropeanMonetaryCooperationFund16TheEuropeanMonetarySystemTheEuropeanMonetarySystem(EMS),formedin1979,setthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity.Between1979and1992,11currencyvaluerealignmentswereneeded.In1993,thefluctuationboundswereincreasedto+/-15percent.17TheMaastrichtTreatyTheMaastrichtTreaty,1991,generatedtheagendabywhichfullmonetaryunionwouldbeachieved.18TheMaastrichtTreatyTheMaastrichtTreaty,1991,generatedtheagendabywhichfullmonetaryunionwouldbeachieved.StagestomonetaryunionRemovalofbarrierstofactormovementswithinnationsandcoordinationofmacroeconomicpolicies19TheMaastrichtTreatyTheMaastrichtTreaty,1991,generatedtheagendabywhichfullmonetaryunionwouldbeachieved.StagestomonetaryunionRemovalofbarrierstofactormovementswithinnationsandcoordinationofmacroeconomicpoliciesCreationoftheEuropeanMonetaryInstituteasaforerunnertotheEuropeanCentralBank20TheMaastrichtTreatyTheMaastrichtTreaty,1991,generatedtheagendabywhichfullmonetaryunionwouldbeachieved.StagestomonetaryunionRemovalofbarrierstofactormovementswithinnationsandcoordinationofmacroeconomicpoliciesCreationoftheEuropeanMonetaryInstituteasaforerunnertotheEuropeanCentralBankEliminationofdomesticcurrencies21TheMaastrichtTreatyConditionsforjoiningthemonetaryunionInflationnohigherthan1.5percentgreaterthantheaverageofthethreememberswiththelowestratesofinflationAbudgetdeficitnogreaterthan3percentofGDPOverallgovernmentdebtnogreaterthan60percentofGDPLong-terminterestratesnottoexceed2pointsmorethantheaverageinterestratesofthethreecountrieswiththelowestratesTheaverageexchangeratenotfallingbymorethan2.25percentoftheaverageoftheEMSforthetwoyearspriortojoining22TheEuropeanMonetaryUnionIn1999,theEMSbecametheEuropeanMonetaryUnion.Electronictradingoftheeuro(€)beganin1999.Euronotesandcoinswereintroducedin2002.23TheEuropeanMonetaryUnionIn1999,theEMSbecametheEuropeanMonetaryUnion.WithEuropeanMonetaryUnion,theEuropeanCentralBankassumedcontrolofmonetarypolicyforthemembercountries.ThemainchargeoftheECBistopursuepricestability.FurtherinformationontheEuropeanMonetaryUnionisavailableonEUROPA,theInternetportalfortheEUgovernment.WWWlink24CurrencyBoardArrangements(CBAs)andDollarizationAcurrencyboardarrangement(貨幣發(fā)行局制)rigidlyfixesthevalueofanation’scurrencytothatofaforeigncurrency.(P405,-Par2)25CurrencyBoardArrangements(CBAs)andDollarizationAcurrencyboardarrangementrigidlyfixesthevalueofanation’scurrencytothatofaforeigncurrency.AdvantagesReductioninexchangeraterisk26CurrencyboardsAcurrencyboardarrangementrigidlyfixesthevalueofanation’scurrencytothatofaforeigncurrency.AdvantagesReductioninexchangerateriskForeigncontrolovertherateofmonetarygrowthreducesdomesticinflationarypressures27CurrencyboardsAcurrencyboardarrangementrigidlyfixesthevalueofanation’scurrencytothatofaforeigncurrency.DisadvantagesCompletelossofdomesticmonetarycontrol28CurrencyboardsAcurrencyboardarrangementrigidlyfixesthevalueofanation’scurrencytothatofaforeigncurrency.DisadvantagesCompletelossofdomesticmonetarycontrolLossofabilitytoearnseignorage(鑄造稅)fromthecreationofmoney29DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.Thisisanextremeformofacurrencyboard.30DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.AdvantagesEliminationofdomesticcurrencyexchangeraterisk31DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.AdvantagesEliminationofdomesticcurrencyexchangerateriskExternaldeterminationofinflationandinterestrates32DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.AdvantagesEliminationofdomesticcurrencyexchangerateriskExternaldeterminationofinflationandinterestratesExternalmacroeconomicpolicydiscipline33DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.DisadvantagesLossofpolicyindependence34DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.DisadvantagesLossofpolicyindependenceCostofobtainingtheforeigncurrencytoacta