zh eff金融世界第十四講浮動(dòng)匯率與固定匯率

金融世界第十四講 要繼續(xù)跟您談?wù)刦loatingexchangerates浮動(dòng)匯率和fixedexchange在上一講中 為您介紹了澳大利亞從一九八三年開(kāi)始實(shí)行澳元的浮動(dòng)匯率制。在此之 GoldStandardBrettonWoodssystem布雷crawlingpegsystem蠕Oneofthemostimportantbenefitsoffloatingexchangeratesisthattheyhelptoinsulatethedomesticeconomyshocks.Forexampleunderfixedexchangerates,ifanexportmarketcollapses,theadverseimpactistransmittedfullytothedomesticeconomy.Itmaybesaidthatweachievestabilityoftheexchangerateatthecostofdomesticinstability.However,ifasimilarthinghappensunderfloatingexchangerates,theautomaticdepreciationofthedollarhelpstooffsetthenegativedomesticeffects.Inotherwords,wegetrelativedomesticstabilityatthecostofexchangerateinstability.Furthermore,ourdomesticeconomicoptionsarethemselvessignificantlyaffectedbywhetherexchangeratesarefixedorfloating.insulate隔adverseimpacttransmit下 分段聽(tīng)一遍巴里克拉克的這段及中文翻譯：（英文略浮動(dòng)匯率最大的好處是它有助于國(guó)內(nèi)經(jīng)濟(jì)免受（國(guó)際金融市場(chǎng)的）打擊。舉例來(lái)說(shuō)，在固定匯率制度下，如果一個(gè)出口市場(chǎng)，國(guó)內(nèi)經(jīng)濟(jì)就會(huì)經(jīng)受全部的打擊。這也以說(shuō)是以國(guó)內(nèi)經(jīng)濟(jì)為代價(jià)來(lái)?yè)Q取匯率的穩(wěn)定。 ： ary貨幣政fiscal政tradebalancedeficit預(yù)算)Whenyouhaveafixedexchangerate,thenm arydoesnothaveagreatdealofinflunceondomesticeconomicactivity.Underafloatingrate,achangeintheinterestratehasquiteapowerfuleffectontheexchangerateand,throughthetradebalance,hasamuchbiggereffectonthelevelofeconomicactivity.Sofloatingratesdomakem arymorepotentthanafixedrateTheoppositeistrueforfiscal,becauseifthe ernmentdecidesitwantstorunabiggerdeficitbecauseitthinksthatwouldexpandtheeconomy,whatwillhappen,ofcourse,isthatthedomesticinterestratewillgoup,thatwillleadtotheoppositechangeinthetradebalance,andthatwilloffsetsomeofthefiscalexpansion.Sotherelativeefficacyoffiscalandm aryandhowyouneedtousethosetoolsdoeschangedependingonwhatsystemyou'reunder.下 分段聽(tīng)一遍安妮克魯格教授的談話和中文翻譯：（英文略會(huì)上升，這會(huì)導(dǎo)致貿(mào)易收支向相反方向變化，從而抵銷(xiāo)一部分的膨脹。因此收支政現(xiàn) 再聽(tīng)一遍斯坦福大學(xué)經(jīng)濟(jì)學(xué)教授這段話的全文。（略Ingeneral,therecordoffixedexchangerateregimes,atleastinthiscentury,hasnotbeenwhollyimpressive.Notonlydidtheyfailtomaintainexchangeratestability,buttheygavespeculatorsvirtuallyunderwrittenopportunitiesfordestabilisingprofit-makingthatsimplydonotexistinafloatingrates