国际金融 Chapter 10分析和总结.docxVIP

Chapterten

Floatingexchangeratesandinternalbalance

Changesintheexchangerateareautomaticmechanismforadjustingtoachieveexternalbalance

Exchangerate:endogenouslydeterminedbymacroeconomicsystem内生变量

Additionaleffects---specialwaysfloatingratesalterthebehavioroftheeconomy

一、monetarypolicywithfloatingexchangerates

Monetarypolicyexertsastronginfluenceoverdomesticproductandincome.Whereas,inthepreviouschapter,itlosespowerunderfixedexchangerates.

Expansionofdomesticmoneysupply

X↑,M↓

Conclusion:moneysupplyexpanddepreciationaggregatedemandexpand

UseIS-LM-FE

二、fiscalpolicywithfloatingexchangerates

Afiscalexpansionhastwoopposingtendenciesfortheexchangeratevalue:

bidsupinterestrate,capitalflowsin,KAimproved

raisesY,worsensCA

Ifcapitalismobileinternationally,thenthecapitalinfloweffectatfirstisprobablylargeenoughtoappreciatethecurrency.Eventuallytheaggregate-demandeffectisprobablystrongerandlongerlasting,soeventuallythecurrencydepreciates.

Theexpansionaryeffectisreducedby“internationalcrowdingout”国际挤出

效应---theappreciationofthecurrencyandtheresultingdeclineinthecurrentaccount

IS-LM-FEgraph

FixedorFloatingExchangeRate?

Forfloatingrateregime:

a)Independentmonetarypolicytoadjustinternalimbalanceb)Abilitytopursuegoalsthatmeetitsowndomesticneedsc)DifficulttodefendfixedrateprovidingfreecapitalflowsForfixedrateregime:

a)Thevariabilityoffloatingratesdisruptsinternationaltransactions.