钉住汇率制

集体钉住汇率制与地区金融稳定&兼评人民币汇率制度改革

Collective Pegged Exchange Rate Regime and Regional Finance Stability

第三对新兴市场钉住汇率制下的金融脆弱性积聚机理进行分析。

Thirdly , the author discusses the mechanism of financial fragility accumulation when the pegged exchange rate regime is adopted .

钉住汇率制实际上是将货币政策交给了美联储（fed）。

The discipline of the peg effectively cedes monetary policy to the US Federal Reserve .

国际货币基金组织（InternationalMonetaryFund，简称IMF）和其他有关方面一直在对这些国家施加压力，认为钉住汇率制是历史遗留物，不利于经济的长期发展。

They 've come under pressure from the International Monetary Fund and others who argue that pegs are relics of the past and negative for the economy in the long run .

大家所熟知的1992年英镑钉住汇率制事件中，外汇交易市场的操盘手实际上已经挑战了英国央行（BankofEngland），不仅如此，他们甚至迫使英镑贬值并从中获利达数十亿英镑。

In the well known case of the GBP peg in1992 , the major players in the FX market actually challenged the Bank of England , no less , and forced a devaluation of the GBP , making billions in the process .

发展中国家实施钉住汇率制的机理、困境及对策

Causes , problems & countermeasures of adjustable pegging system constituted in developing countries

第四节对钉住汇率制下的经济主体行为，从成本-收益角度进行了效用最大化分析。

Then , here analyzed the optimal behavior of economic agents in pegged regime by cost-benefit analysis .

在危机期间，大部分国家（地区）都放弃了钉住汇率制，采取了浮动汇率制度。

During the Asia financial crisis period , they gave up this system and adopted floating exchange rate system .

从理论和实践分析，集体钉住汇率制有其内在的稳定机制，也有内源性的动荡缺陷，稳定性和脆弱性同存。

The collective pegged exchange rate regime , from theoretical and practical perspective , has its stable mechanisms and unstable defects .

当实施钉住汇率制的国家没有足够资金来抵御投机者的攻击时，这种制度就会宣告失败，最著名的例子是2001年的阿根廷和上月仅仅维持了一天钉住汇率制的冰岛。

Currency peg failures-notably Argentina's2001 collapse and Iceland 's one-day peg last month-come when countries run out of money to discourage speculative attacks .

前两节分析了金融约束阶段下选择两极汇率制存在的风险和局限性，从而钉住汇率制可能是该阶段下的可行选择。

The first two sections pointed the risk of bipolar regimes in this special stage , so pegged choice maybe is the appropriate choice .

亚洲金融危机过后，僵化的钉住汇率制被认为是导致危机的原因之一。

After the Asia financial crisis , the rigescent pegged exchange rate has been regarded as one of the reasons that inducing this crisis .

但是对其他一些实行钉住汇率制的国家来说，情况就不是如此了。最明显的是中国和一些波斯湾石油出口国。

Nor should it be for some of the other countries that maintain pegs , notably China and several of the Persian Gulf 's oil exporters .

由于自1983年开始实行钉住汇率制，港元追随了美元的跌势。

The Hong Kong dollar has followed the decline of the US dollar as a result of the currency peg that has been in place since 1983 .

许多研究认为钉住汇率制难以长期维持，实行该制度的国家事先做好退出安排是十分必要的。

Many investigations consider that it is difficult to maintain the pegged exchange rate for a long time , and it is essential to prepare exit arrangement in advance .

实践中，钉住汇率制容易受到国际投机资本的冲击，所以发展中国家适宜采用有管理的浮动汇率制。

In practice , peg exchange rate would be attacked by international speculating capital easily , so , it is suitable for the developing countries to adopt floating exchange rate .

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 .

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 .

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 .

在汇率制度方面，虽然目前实行的是以市场供求为基础的、单一的、有管理的浮动汇率制，但是从运行的实际情况来看，却显现出钉住美元的固定汇率制的一些特征。

Our government implements the single , managed value-free exchange rate system that based on the requirement and supply of the finance market . But in fact , the system is appearing characteristics of the arrangements of fixed peg dollar .

自1994年外汇体制改革以来，人民币汇率制度趋向于钉住美元的固定汇率制，这为近年来我国经济的巨大发展确实创造了良好的条件。

Since the reform of the foreign exchange regime in 1994 , RMB exchange rate regime is inclined to the fixed exchange system which crawls to the U.S. dollars , this creates favorable conditions for the enormous development of Chinese economy during recent years .

2002年以来人民币汇率制度选择问题不仅引起了学者们的关注也引起了国际政客的关注，国际上要求人民币汇率制度退出目前钉住美元的固定汇率制实行更加灵活的汇率制度。

Since 2002 , the choice of RMB exchange rate regime has attracted concern from both scholars and international politicians , who put forward the requirement that RMB exchange rate regime should be withdrawn from the fixed dollar-pegged exchange rate regime to carry out a more flexible exchange rate regime .