固定汇率与浮动汇率比较

1,专栏3-固定汇率与浮动汇率比较,Fixed Exchange Rate and Floating Exchange Rate,2,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,3,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),4,Floating Exchange Rate The first supposed advantage of a floating rate was that it would rapidly move to maintain pur- chasing power parity, thus preventing real exch- ange rate misalignments, and their consequences for the balance of payments, which were often a feature of the Bretton Woods pegged exchange r- ate system.A second supposed advantage of a fle- xible rate system was that it would always move to maintain balance of payments equilibrium an- d so insulate a country from shocks emanating in,5,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.,