Preview 国际金融英文课件.ppt

17-1
Preview
Balance sheets of central banks
Intervention in the foreign exchange markets and the money supply
How the central bank fixes the exchange rate
ary and fiscal policies under fixed exchange rates
Financial market crises and capital flight
Types of fixed exchange rates: reserve currency and gold standard systems
Zero interest rates, deflation, and liquidity traps
17-2
传统两分法:可分为固定汇率制和浮动汇率制两种
1999年,IMF用新方法对各国的汇率制度进行了划分,将汇率制度分为八类(见后页) :其中第三到七种被称为“中间汇率制”(Intermediate Exchange Rate Regime),而其他三种则被称为“两极汇率制”(Bipolar Exchange Rate Regimes)或“角点汇率制”(Corner Exchange Rate Regimes)。因而,目前国际上比较流行将汇率制度分为三大类:
①固定汇率制度;②自由浮动汇率制;③中间汇率制(Intermediate Exchange Rate Regime)。
汇率制度分类
17-3
1999年IMF对成员国汇率制度的分类
严格固定
的汇率制度
无独立法定货币的汇率制度
Exchange arrangement with no separate legal tender
货币局制度currency board arrangement
中间
汇率制度
传统钉住汇率制度conventional fixed peg arrangement
水平带内盯住pegged exchange rates with horizontal bands
爬行钉住制crawling peg
爬行带内浮动exchange rates with crawling bands
浮动
汇率制度
不事先宣布汇率路径的管理浮动 management floating with no pre-determined path for the exchange rate
独立浮动汇率制independently floating
美元化
货币联盟
国际货币基金组织新的汇率制度分类(2011年4月30日)
汇率制度
国家数
1、No separate legal tender(巴拿马、厄瓜多尔)
13
2、Currency board(香港、吉布提)
12
3、Conventional peg (巴哈马、丹麦、卡塔尔)
43
4、stabilized arrangement(洪都拉斯、牙买加、马尔代夫、白俄罗斯)
23
5、Crawling peg(尼加拉瓜、波斯瓦纳)
3
6、Crawl-like Arrangement(中国、阿根廷、埃塞俄比亚)
12
7、Pegged exchange rate within horizontal Bands(汤加)
1
8、Other managed arrangement(俄罗斯、新加坡、马来西亚)
17
9、 Floating(印度、泰国、墨西哥)
36
10、Free float(美、英、加、日、欧元区)
30
Increasing
Flexibility
17-5
Introduction
Many countries try to fix or “peg” their exchange rate to a currency or group of currencies by intervening in the foreign exchange market.
Many with a flexible or “floating” exchange rate in fact practice a managed floating exchange rate.
The central bank “manages” the exchange rate from time to time by buying and selling currency and assets, especially in periods of exchange rate volatility.
Ho