灵活与固定汇率、欧洲货币体系和宏观经济政策协调（英文版）

AnIntroductiontoInternationalEconomics

SecondEditionFlexiblevs.FixedExchangeRates,EuropeanMonetarySystem,andMacroeconomicPolicyCoordination

CHAPTERFIFTEEN1Flexiblevs.fixedexchangeratesTheadvantagesofflexibleexchangeratesExternaldisequilibriaareautomaticallycorrectedbyexchangeratemovements.AvoidmistakenordistortionarygovernmentdeterminationofexchangeratesAremoreefficientsinceresourcesarenotrequiredtomanagetheexchangeratesystemProvidesomeinsulationtothedomesticeconomyfromexternalshocks2Flexiblevs.fixedexchangeratesTheadvantagesoffixedexchangeratesEncouragegreaterinternationaltradebyreducingexchangeraterisk.(P396,LastPar)Imposepricedisciplinebyreducingtheabilityofthemonetaryauthoritytoengageinrapidmonetaryexpansion.(P396,Par3)3Optimumcurrencyareas（最佳货币区）Anoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.(P398,-Par3)最佳货币区指的是一些国家集团，他们将各自的主权货币建立起永久保持固定汇率的关系，并在一系列的机制下运行，以使这种联系达到最优。4OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.ConditionsHighlymobilefactorsofproductionbetweenthemembernations.(P399,Par3)5OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.ConditionsHighlymobileresourcesofproductionbetweenthemembernationsSimilarnationalstructures(P399,Par3)6OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.ConditionsHighlymobilefactorsofproductionbetweenthemembernationsSimilarnationalstructuresWillingnessofthenationstocoordinatefiscal,moneytaryandotherpolicies.(P399,Par3)7OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.AdvantagesEliminationofexchangeraterisk.(P398,-Par2)8OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.AdvantagesEliminationofexchangeraterisk.

Greateconomicsofscaleinproduction.(P398,-Par2)9OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.AdvantagesEliminationofexchangerateriskGreateconomicsofscaleinproduction.Greaterpricestability(P398,-Par1)10OptimumcurrencyareasAnoptimumcurrencyareaisagroupofnationswhosenationalcurrenciesaretiedbypermanentlyfixedexchangeratesandoperateunderasetofconditionstomakethislinkageanoptimum.DisadvantageThelossofabilitytopursueindependentpolicies.(P399,Par2)11StepstoEuropeanmonetaryunionTheEuropeanMonetarySystem(欧洲货币体系)TheMaastrichtTreaty（马斯特例赫特条约，简称马约）EuropeanMonetaryUnion（欧洲货币联盟）12TheEuropeanMonetarySystemTheEuropeanMonetarySystem(EMS),formedin1979,setthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity.13TheEuropeanMonetarySystemTheEuropeanMonetarySystem(EMS),formedin1979,setthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity.MainfeaturesEstablishedtheEuropeanCurrencyUnit(ECU)Weightedaverageofthecurrenciesofthemembernations14TheEuropeanMonetarySystemTheEuropeanMonetarySystem(EMS),formedin1979,setthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity.MainfeaturesEstablishedtheEuropeanCurrencyUnit(ECU)Establishednarrowboundsforfluctuation(+/-2.25percent)aroundestablishedcentralexchangerates15TheEuropeanMonetarySystemTheEuropeanMonetarySystem(EMS),formedin1979,setthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity.MainfeaturesEstablishedtheEuropeanCurrencyUnit(ECU)Establishednarrowboundsforfluctuation(+/-2.25percent)aroundestablishedcentralexchangeratesEstablishedtheEuropeanMonetaryCooperationFund16TheEuropeanMonetarySystemTheEuropeanMonetarySystem(EMS),formedin1979,setthefoundationsforlatermonetaryunionofthemembersoftheEuropeanCommunity.Between1979and1992,11currencyvaluerealignmentswereneeded.In1993,thefluctuationboundswereincreasedto+/-15percent.17TheMaastrichtTreatyTheMaastrichtTreaty,1991,generatedtheagendabywhichfullmonetaryunionwouldbeachieved.18TheMaastrichtTreatyTheMaastrichtTreaty,1991,generatedtheagendabywhichfullmonetaryunionwouldbeachieved.StagestomonetaryunionRemovalofbarrierstofactormovementswithinnationsandcoordinationofmacroeconomicpolicies19TheMaastrichtTreatyTheMaastrichtTreaty,1991,generatedtheagendabywhichfullmonetaryunionwouldbeachieved.StagestomonetaryunionRemovalofbarrierstofactormovementswithinnationsandcoordinationofmacroeconomicpoliciesCreationoftheEuropeanMonetaryInstituteasaforerunnertotheEuropeanCentralBank20TheMaastrichtTreatyTheMaastrichtTreaty,1991,generatedtheagendabywhichfullmonetaryunionwouldbeachieved.StagestomonetaryunionRemovalofbarrierstofactormovementswithinnationsandcoordinationofmacroeconomicpoliciesCreationoftheEuropeanMonetaryInstituteasaforerunnertotheEuropeanCentralBankEliminationofdomesticcurrencies21TheMaastrichtTreatyConditionsforjoiningthemonetaryunionInflationnohigherthan1.5percentgreaterthantheaverageofthethreememberswiththelowestratesofinflationAbudgetdeficitnogreaterthan3percentofGDPOverallgovernmentdebtnogreaterthan60percentofGDPLong-terminterestratesnottoexceed2pointsmorethantheaverageinterestratesofthethreecountrieswiththelowestratesTheaverageexchangeratenotfallingbymorethan2.25percentoftheaverageoftheEMSforthetwoyearspriortojoining22TheEuropeanMonetaryUnionIn1999,theEMSbecametheEuropeanMonetaryUnion.Electronictradingoftheeuro(€)beganin1999.Euronotesandcoinswereintroducedin2002.23TheEuropeanMonetaryUnionIn1999,theEMSbecametheEuropeanMonetaryUnion.WithEuropeanMonetaryUnion,theEuropeanCentralBankassumedcontrolofmonetarypolicyforthemembercountries.ThemainchargeoftheECBistopursuepricestability.FurtherinformationontheEuropeanMonetaryUnionisavailableonEUROPA,theInternetportalfortheEUgovernment.WWWlink24CurrencyBoardArrangements(CBAs)andDollarizationAcurrencyboardarrangement(货币发行局制)rigidlyfixesthevalueofanation’scurrencytothatofaforeigncurrency.(P405,-Par2)25CurrencyBoardArrangements(CBAs)andDollarizationAcurrencyboardarrangementrigidlyfixesthevalueofanation’scurrencytothatofaforeigncurrency.AdvantagesReductioninexchangeraterisk26CurrencyboardsAcurrencyboardarrangementrigidlyfixesthevalueofanation’scurrencytothatofaforeigncurrency.AdvantagesReductioninexchangerateriskForeigncontrolovertherateofmonetarygrowthreducesdomesticinflationarypressures27CurrencyboardsAcurrencyboardarrangementrigidlyfixesthevalueofanation’scurrencytothatofaforeigncurrency.DisadvantagesCompletelossofdomesticmonetarycontrol28CurrencyboardsAcurrencyboardarrangementrigidlyfixesthevalueofanation’scurrencytothatofaforeigncurrency.DisadvantagesCompletelossofdomesticmonetarycontrolLossofabilitytoearnseignorage(铸造税)fromthecreationofmoney29DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.Thisisanextremeformofacurrencyboard.30DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.AdvantagesEliminationofdomesticcurrencyexchangeraterisk31DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.AdvantagesEliminationofdomesticcurrencyexchangerateriskExternaldeterminationofinflationandinterestrates32DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.AdvantagesEliminationofdomesticcurrencyexchangerateriskExternaldeterminationofinflationandinterestratesExternalmacroeconomicpolicydiscipline33DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.DisadvantagesLossofpolicyindependence34DollarizationDollarizationistheadoptionofanothernation’scurrencyaslegaltender.DisadvantagesLossofpolicyindependenceCostofobtainingtheforeigncurrencytoacta