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英国留学生国际货币经济学论文定制:汇率制度的选择—The choice of exchange rate regime

论文作者:英语论文网论文属性:硕士毕业论文 thesis登出时间:2011-07-18编辑:zn1987点击率:5978

论文字数:3333论文编号:org201107181738515821语种:英语 English地区:英国价格:$ 66

关键词:英国留学生国际货币经济学论文Exchange rate systemFloating exchange rateEconomics

摘要:英语论文网专业提供英国留学生国际货币经济学论文定制,英国留学生法律学论文定制等论文服务。在国际经济学中争论最多的问题之一,关注汇率制度的选择和固定与灵活的浮动汇率的“赞成”和“利弊”。既不极端曾经在实​​践中确实存在。

INTERNATIONAL MONETARY Economics

The choice of exchange rate regime

1.The 英国留学生国际货币经济学论文 choice of foreign exchange rate regime
One of the most debated issues in international economics concerns the choice of exchange rate regime and the ‘pros’ and ‘cons’ of fixed versus flexible or floating exchange rates. In practice neither extreme has ever really existed, but it remains useful to use these ideal types as the basis for drawing some positive and normative conclusions of relevance when choosing a hybrid system. In this sense, the debate over fixed versus flexible exchange rates is analogous to that between perfect competition and monopoly in the economic analysis of market structures.

The below illustration depicts the spectrum of exchange rate regimes. It is interesting to note that since the industrial revolution there has been a movement away from fixed towards more flexible exchange rate regimes for the industrialised world. This trend, however, now appears to be in reverse for the membership of the European Union (EU). The European Exchange Rate Mechanism (ERM) of the European Monetary System (EMS), which Britain joined on 8th October 1990, is a distinct shift back to less flexible exchange rates between the participating countries. The proposed continuation along this path to monetary union would entail the disappearance of exchange rates between EU member states altogether as a single currency is adopted for use.

Furthermore, there is the notion of an ‘idea’ exchange rate that combines short-term stability (i.e. tends towards a more fixed system) with longer-term flexibility as both the economy concerned, but also that of the global economic environment will inevitably change over time. Hence, in the short-term the arguments regarding trade preferring greater certainty are foremost, whilst the dangers of locking a country into a permanent position with other currencies / economies is seen as a potential problem in the long-run.

2. Fixed versus floating exchange rates

2.1 THE CASE FOR GREATER FLEXIBILITY

(i) Perhaps the most popular argument in favour of floating exchange rates can be summed up by the expression, ‘the market knows best’. ‘Best’ here implies that a competitive foreign exchange market would be a more efficient means of achieving balance of payments equilibrium and adjustments of the exchange rate over time. However, it may also reflect normative pReferences that market mechanisms are more desirable than leaving decisions to government officials and/or monetary authorities.
(ii) A second argument notes that exchange rates always adjust to ensure continuous equilibrium between the demand and supply of the currency. Thus, an efficient market clearing mechanism quickly eliminates temporary disequilibrium positions, based upon the current account theory discussed in lecture six. Excess demand for a currency leads to its appreciation, thereby making imports cheaper and exports more expensive, and consequently reduces the excess demand for the currency as imports rise and exports fall. Similarly, excess supply of a currency leads to its fall in value, making exports cheaper and imports more expensive, and therefore stimulating demand for the currency through higher exports and lower imports. No one expects the adjustment process to be quite as smooth as this. However, if arbitrage and speculation are stabilising, it provides an efficient and automatic solution to the ba论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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