国际贸易2017.pptVIP

International Economic II Lecture 05 Government Policies toward the Foreign Exchange Market （政府的外汇市场政策） Objectives The first half of this chapter examines types of government policies toward the foreign exchange market and provides analysis of government intervention and exchange controls. (Part I) The second half examines the actual policies that governments have adopted during the past 130 years. (Part II) Part I Concepts and Analysis of the Foreign Exchange Policies 对外汇政策的理论分析 Why will the government intervene in the foreign exchange market? Why will the government intervene in the foreign exchange market? To reduce variability in exchange rates. To keep its currency’s value high or low. To reduce domestic inflation. To defend national honor or encourage national price by maintaining a steady exchange rate or a strong currency internationally. Framework of Government’s FX Policies 1. Floating Exchange Rate Clean Float: The government permits private market demand and supply to set the exchange rate with no direct involvement by government officials 自由浮动汇率（清洁浮动汇率）――市场的供给和需求完全是私人（非官方）活动决定，浮动汇率将随着私人市场的供给与需求变化而变化，这是一种具有完全灵活性的极端情况 1. Floating Exchange Rate Managed Float/Dirty Float: The monetary authorities buy or sell foreign currency (in exchange for domestic currency) to alter the configuration of supply and demand, and thus influence the exchange rate. 管理浮动汇率（肮脏浮动汇率）货币当局进入外汇市场买入和卖出外汇（或与本币进行交换），从而影响均衡汇率水平。 1. Floating Exchange Rate Thinking about the following Questions: Tell me the possible reasons of supporting or opposing the floating exchange rate system? Do import restrictions lead to rising total employment in one country? Possible Reasons of Supporting or Opposing Floating Exchange Rate The Case for Floating Exchange Rate --Monetary Policy Autonomy --Symmetry --Exchange Rate as Automatic Stabilization Possible Reasons of Supporting or Opposing Floating Exchange Rate The Case against Floating Exchange Rate （Ad h