3固定汇率与浮动汇率比较资料教程.pptVIP

* * 专栏3-固定汇率与浮动汇率比较 Fixed Exchange Rate and Floating Exchange Rate Fixed Exchange Rate A fundamental advantage of a regime with fix- ed exchange rates, in one view, is that it implies monetary integration . International money in i- nternational economy is seen as crucially benefi- cial, for the same reason as that justifying mone- tary integration at the level of individual countr- ies, namely, the existence of a common standard of value and medium of payment to express eco- nomic contracts and regulate transactions. The benefits that may result from a system with sta- ble exchange rates should be compared with the costs due to the constraints that such a system i- mposes on sovereignty, that is, the ability of cou- ntries to act on their own instead of under the in- structions of another. Clearly, sovereignty is co- nstrained under irrevocable fixed exchange rate (e.g. countries lose control of monetary policy in their own economy as the interest rate cannot deviate from the world interest rate, unless cons- traints are imposed on convertibity) the rest of the world. Finally, a floating exchange rate system, because its equilibrating nature, wo- uld enable a country to hold a smaller amount of foreign exchange reserves. * * *