固定汇率制

固定汇率制：并非低成本的反通货膨胀措施

Fixed Exchange Rate System : A costly disinflation measure

理论研究表明，固定汇率制下货币政策趋于无效。

Theory research suggests that monetary policies with fixed exchange rate system tend to be void .

有些人把这次会议夸张地比作为1944年布雷顿会议的续集，那次会议上确定了固定汇率制，建立了国际货币基金组织（IMF）和世界银行，构建了战后金融体系。

Several have talked grandly of a sequel to the1944 Bretton Woods conference , which created the post-war system of fixed exchange rates and established the International Monetary Fund and World Bank .

虽然，我国目前的经济环境只能部分满足固定汇率制下的模型（经典M-F模型）所假设的条件，但稳健货币政策的实施应当是有一定效果的。

Although , current economic environment in China can partially satisfy the supposing condition of the model ( classic M & F model ) under fixed rate of exchange system , it is certain to have good effect to execute prudent monetary policy .

从固定汇率制退出的经验和战略

The Experience and Strategy of Exiting from Fixed Exchange rate Regime

投机冲击和固定汇率制的退出

Speculative Attacks and Abandonment of Fixed Exchange-rate Regime

固定汇率制汇率政策信誉机制研究

Research of the Reputation Mechanism of the Exchange Rate Policy under the Fixed Exchange Rate Regime

因此，金本位制导致各参与国之间形成固定汇率制。

Thus , the gold standard resulted in a system of fixed exchange rates among participating nations .

主要的汇率制度包括固定汇率制和浮动汇率制等。

The two main streams of exchange system are fixed exchange rate system and floating exchange system .

于是，外汇储备最终将被耗尽，固定汇率制也就必然崩溃了。

Finally , foreign currency reserve will be exhausted and the fixed exchange rate system will certainly collapsed .

东亚部分国家钉住美元固定汇率制的崩溃是1997年底爆发亚洲金融危机的导火索。

The collapse of exchange rate to pegging dollar was the fuze of Asia financial crisis in 1997 .

笔者认为，当前合理的改革进程应该是人民币固定汇率制弹性的逐步扩大和资本流动管制逐步放松的有机结合。

The writer thinks the proper way is the combination of broadening the elasticity and loosening capital control .

此时，为了维护固定汇率制，政府必须用外汇储备购买本币，以冲销货币供给中超过与经济增长相适应的那部分本币。

At this time , the government must purchase domestic currency by foreign currency reserve to support fixed exchange rate system .

中国的汇率制度实质是一种固定汇率制，存在自身的体制缺陷，中国汇率制度的选择是建立真正的有管理的浮动汇率制度。

The ever-attracting issue of RMB exchange rate makes China to have a change in the choice of exchange rate system .

实证结果表明汇率制度对于通货膨胀的影响并不确定，相比之下对于新兴市场国家来说浮动汇率制度较固定汇率制有更好的反通胀绩效。

In comparison , floating exchange rate regime has a better anti-inflation performance than fixed exchange rate regime to emerging market countries .

巴里克拉克说，总的来说，至少从二十世纪来看，固定汇率制的记录并不很光彩。

In general , the record of fixed exchange rate regimes , at least in this century , has not been wholly impressive .

我国现行汇率制度的实质是具有制度刚性特征的钉住美元的固定汇率制。

The essence of the present exchange rate mechanism of China is the fixed one with system rigidity , which pegs the dollar .

40年前，作为美国总统的他毅然宣布美元与黄金脱钩，并亲手将固定汇率制送进历史。

He was the president who , 40 years ago , severed the link between global currencies and gold and ended the fixed-exchange-rate system .

安妮克鲁克说，实行固定汇率制时，货币政策对国内经济活动不会有很大的影响。

When you have a fixed exchange rate , then monetary policy does not have a great deal of influnce on domestic economic activity .

全球化背景下浮动汇率制将以货币联盟的形式向固定汇率制复归。

In the background of globalization , the float exchange rate system will return to the fixed one , in the form of currency unions .

固定汇率制或硬汇率目标区在政策上是行不通的，因为这将导致严重丧失货币自主权。

A fixed exchange rate or hard exchange-rate target zone is a political non-starter , as it would involve a significant loss of monetary autonomy .

2005年7月，人民币汇率形成机制改革方案出台，人民币在从固定汇率制向管理浮动汇率制的转变中迈出了重要一步。

The exchange rate regime of Renminbi was shifted finally in July 2005 , and a managed flexible exchange rate regime substituted the old fixed one .

回顾历史的发展，由最初的金本位制到纸币本位制、从固定汇率制到浮动汇率制，已经经过了多次的历史变革。

Reviewing the history , the system of foreign exchange evolves from golden standard to bank paper standard , from fixing to floating , experiencing many changes .

但是，1995年末至今人民币对美元汇率位于8.33-8.28元／美元的窄幅区域，人民币管理浮动汇率已成为事实上的单一钉住美元的固定汇率制。

But from the end of 1995 to now , China 's exchange rate regime has been a actual fixed exchange rate regime unitary peg to the dollar .

自1973年布雷顿森林体系解体后，西方各国纷纷放弃固定汇率制，而采取更为灵活的浮动汇率制度。

After the collapse of the Bretton Woods System , the fixed exchange rate system was begun to be replaced by the floating exchange rate system in the western .

阿根廷经济形势恶化是由下列原因造成的：固定汇率制难以适应经济形势的变化；在开放经济条件下，盯住汇率制度变得越来越不可维持。

The pegged exchange rate system is not compatible with the changed economic conditions ; It is difficult to make the pegged exchange rate regimes to be sustainable under the open-economy conditions .

汇率政策信誉机制，被看作是当前分析固定汇率制可维持问题上最具说服力的一种研究思路。

The reputation mechanism of the exchange rate policy , has considered as the most convincing research idea about the current analyzing issue of the maintenance of the fixed exchange rate regime .

如果有这样一个高收入大型经济体，它的债务水平很高，实行固定汇率制且本币币值被高估，而它企图缩减债务规模并恢复竞争力，那会产生怎样的后果？

What happens if a large , high-income economy , burdened with high levels of debt and an overvalued , fixed exchange rate , attempts to lower the debt and regain competitiveness ?

迫使他们这么做的，除了他们自己受到误导的分析以外，根本就没有其它原因，当然更不会是2004年中期以前那段时期的亚洲固定汇率制。

They were not compelled to do so by anything other than their midguided analysis , certainly they were not compelled by the fixity of Asian exchange rates in the period prior to mid-2004 .

不过，印度和巴西的央行行长却毫不掩饰想法，双双抨击中国的固定汇率制导致其它新兴市场日子难熬。

Yet there was no such reticence from the central bank governors of India and Brazil , both of whom weighed into the fixed Chinese exchange rate for making life hard for other emerging markets .