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1、Fixed Exchange Rate and Floating Exchange Rate l 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 just
2、ifying mone-tary integration at the level of individual countr-ies, namely, the existence of a mon standardof 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 pared with thecosts due
3、 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 intheir own
4、economy as the interest rate cannotdeviate from the world interest rate, unless cons-traints are imposed on convertibity) l Floating Exchange Rate The first supposed advantage of a floating ratewas that it would rapidly move to maintain pur-chasing power parity, thus preventing real exch-ange rate m
5、isalignments, and their consequencesfor the balance of payments, which were often afeature of the Bretton Woods pegged exchange r-ate system.A second supposed advantage of a fle-xible rate system was that it would always moveto maintain balance of payments equilibrium an-d so insulate a country from shocks emanating in the rest of the world. Finally, a floating exchangerate system, because its equilibrating nature, wo-uld enable a country to hold a smaller amount offoreign exchange reserves.
固定匯率與浮動匯率比較
