國(guó)際金融英文版-資料下載頁(yè)
2025-02-17 06:50本頁(yè)面
【正文】 ble into a foreign anchor currency at a truly fixed rate and on demand.n The currency board supplies currency on the basis of 100% foreign reserves.n For example, if the moary authority in Hong Kong issues one Hong Kong dollar, it must have the equivalent . dollar. Suppose the exchange rate is HK$$, it implies that for each Hong Kong dollar issued, the moary authority must keep $ (1/). n Currency board eliminates the possibility of a nation’s money supply growing too rapidly and causing inflation. n Dollarization (Euroization) means that a country use the currency of another nation to serve as legal tender. For some countries it is an effective way to reduce risk and protect against inflation and devaluation.n Advantages of the dollarization (1) Avoid speculative attacks on the local money (2) Reduce country risk, create positive investor sentiment and more stable capital market. (3) Improve the global economy by allowing for easier integration of economies into the world’s market.n Disadvantage of dollarization (1) The central bank loses the ability to administer moary polices. (2) The central bank loses its ability to collect “seigniorage”, the profit gained from issuing money. (3) The central bank loses the role as “the last resort”. (4) Dollarization damages a nation’s sense of pride.Arguments for Fixed vs. Floating Exchange Ratesn The case for floating exchange rates (1)Moary policy autonomy Removal of the obligation to maintain exchange rate parity would restore moary control to a government. (2)Trade balance adjustments Floating rates respond quickly to changing supply and demand conditions, clearing the market of shortages or surpluses of a given currency. (3)Economic stability Floating exchange rate are more conducive to economic stability.n The case for fixed exchange rates (1)Moary discipline Fixed rates ensures that governments do not expand their money supplies at inflationary rates. (2)Speculation Speculation accentuates the fluctuations in exchange rates’ long term value. It can damage a country’s economy by distorting export and import prices. (3)Uncertainty Floating rates have made business planning difficult, and add risk to exporting, importing, and foreign investments. (4)Competitiveness in foreign trade By keeping exchange rate low helps to support the petitiveness of a country’s exports. 謝謝觀看 /歡迎下載BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAI
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