本章概述了固定汇率与浮动汇率制度的经济效应.docVIP

Chapter 13 Fixed, Floating Exchange Rate and Policies Effects [提要]：本章概述了固定汇率与浮动汇率制度的经济效应，其中包括固定汇率条件下中央银行的干预政策、稳定政策等，浮动汇率的优缺点，并通过政府实行两种不同汇率制度时所产生的宏观经济政策问题。通过本章学习，要求学生掌握这些理论，并充分认识汇率制度的相关问题。 After Bretton Woods System, the exchange rate showed diversity on the whole world: some developed countries adopted floating exchange rate, while some, especially a number of developing countries have retained some form of government exchange rate fixing. In this chapter, we study from theory exchange rate system and policies effects separately. 13.1 Fixed exchange rate and policies effects 13.1.1 Why study fixed exchange rate The fixed exchange rate to some extent exists with tight or loosens forms on the whole world. 1. Managed floating It is a hybrid of the pure fixed and floating rate existed in the present monetary system. 2. Regional currency arrangements This is a classical exchange rate arrangement within the European Unions. 3. Pegged anchor Most of developing countries, especially in emerging markets and countries in transition, for example Latin American and Asian countries adopted such kind of exchange rate, which related with not only their rapid economic growth also financial crisis. 4. Lessons of the past for the future. Fixed exchange rates were the norm in many periods before 1973. Today, some economists and policymakers dissatisfied with floating exchange rates are proposing new international agreements that would resurrect some form of fixed rate system. 13.1.2 How the central bank fixes the exchange rate The level of exchange rate in fixed system should be maintained controlled under central bank. It relates with central bank intervention and the money supply. The mail tool in studying central bank transactions in asset markets is the central bank balance sheet, which records the assets held by the central bank and its liabilities. It reflects the action of intervention of exchange rate. For example: A balance sheet for the central bank of the imaginary c