金融全球化趋势的汇率制度安排.docVIP

金融全球化趋势下的汇率制度安排 国家外汇管理局副局长　　马德伦 ? Comparison of exchange rate　arrangements under　financial globalization 　There are mainly three types of　exchange rate regime: free　floating, managed floating and　fixed, among which free floating　and fixed are two extremes. For　the former, the government　almost never intervenes in the　exchange rate, while for the latter,　the government promises to　maintain exchange rate at a　certain level. Managed floating　goes between the above two.　Fixed exchange rate regime can　be subdivided into adjustable　fixed, monetary bureau,　monetary union and US　dollarization. Free floating means that the　market decides the exchange rate.　Its major disadvantage lies in the　fact that unstable rate complicates　the uncertainty of trade and　hinders international trade and investment. In managed floating, the　authority intervenes in forex　market to alleviate the fluctuation　of exchange rate. Its main　problem is the difficulty in　determining the real equilibrium　rate exchange. Adjustable fixed exchange rate　regime is similar to managed　floating, sharing the same　advantages and disadvantages.　When monetary bureau is　implemented, a mechanism,　besides the governments　commitment, is employed to　keep the rate fixed. Monetary union is to create a kind　of currency within the union and　restrict the interest rate　differences between countries. Its　disadvantage is that a member　country cannot take flexible 　　　and　independent policies in the event　of any financial crisis. US dollarization is the practice　that a country gives up its own　currency and uses US Dollar　instead. It is adopted only when　the citizens lose confidence in the　central bank completely. Trend of exchange rate　regime development According to Three Paradox of Mendel, with capital integration, if monetary policy is independent, adjustable exchange rate regime is hardly feasible. It is relatively common for countries to implement absolutely free floating or fixed rate and the numbers are increa