[经济学]国际金融第六章课件.pptVIP

CHAPTER 6 Government Policies toward the Foreign Exchange Market Framework of this chapter Possible government policies toward the foreign exchange market.政府对外汇市场的政策。 Official intervention on this market and restrictions.对市场的官方干预和限制。 Lessons of history of exchange rate system. 汇率体制的历史教训。 The Reasons for Intervention －to reduce variability in exchange rates； －to keep the exchange value of its currency either high or low ； －to raise national pride in a steady or strong currency. Two aspects: rate flexibility and restrictions on use Two aspects: The choice between a floating exchange rate and a fixed exchange rate. ? Restrictions (if any) on the use of the foreign exchange market. These restrictions are generally called exchange controls (外汇控制)。 Cont’d Exchange controls The country’s government places some restrictions on use of the foreign exchange market. (e.g. for all payments for exports and imports or capital controls). Floating exchange rate Government policy lets the market determine the exchange rate, the rate is free to go wherever the market equilibrium is at that time. Cont’d Types of floating exchange rate: Clean float 清洁浮动 The government permits private market demand and supply to set the exchange rate with no direct involvement by government officials. Such as: United states, Canada, Japan Cont’d Managed float (dirty float) 管理浮动（肮脏浮动） The government officials do intervene at times to try to influence the exchange rate, which otherwise is driven by private demand and supply. Such as: India, Singapore Cont’d Official intervention: Monetary authority enters the foreign exchange market to buy or sell foreign currency. 在现行的国际货币制度下，大部分国家实行的都是有管理的浮动汇率制度。有管理的浮动汇率是以外汇市场供求为基础的，是浮动的，不是固定的；它与清洁浮动汇率的区别在于它受到宏观调控的管理，即货币当局根据外汇市场形成的价格来公布汇率，允许其在规定的浮动幅度内上下浮动。一旦汇率浮动超过规定的幅度，货币当局就会进入市场买卖外汇，维持汇率的合理和相对稳定。 Fixed Exchange Rate The government sets the exchange rate that it wants, often some flexibility is permitted within a