• 20年专注海外留学生essay代写

  • 50000+留学生essay代写首选品牌

  • 正规教育机构教你怎么写essay范文

当前位置: essay代写网 > ESSAY >

时间:2021-10-11 21:35 来源: Essay代写

摘要:本文论述了不同国家所应该采取适合本国国情的汇率制度,并在结尾对汇率制度选择做出一个重要的共识,即没有一......

choice of exchange rate regimes
各国汇率制度的选择
 
根据国际货币基金组织的报告在1970年以前,大约百分之85的发展中国家有固定的汇率安排,但在1970年初布雷顿森林货币体系垮台之后确定了汇率制度,发展中国家的汇率大幅变动。本文着眼于探讨发展中国家在决定采取什么样的汇率政策可能是最适合的,可以包括传统的固定利率(单一货币汇率制或多货币汇率制),独立浮动,中间制度( 可调节汇率制,爬行钉住汇率制:以规则为基础或自由裁量)。一个发展中国家汇率制度的特点是经常带来账户赤字,贸易竞争力,控制通货膨胀,有高就业和获得微观经济效率实现收入水品最大化。但传统的常识认为,这些目标之间有权衡取舍。
 
According to the IMF approximately 85 percent of developing countries had pegged exchange-rate arrangements before 1970 but after the collapse of Bretton woods fixed exchange rate system in the early 1970 there was a sharp alternation of exchange rate by developing countries. The essay looks at the options available for developing countries in deciding what exchange policy might be most suitable for developing country to adopt that could include conventional fixed rate (Single-currency peg or Multi-currency peg), Independent Float, Intermediate Regimes (Adjustable peg, Crawling peg: rule-based or discretionary). The character of a developing exchange rate regime is to bring about a sustainable current account deficit, trade competiveness's, keeping inflation in check, to have high employment and achieve microeconomic efficiency in resources to maximize income levels. But conventional wisdom states that there will trade-offs between these objectives
 
Floating exchange rate is where the government do not have an exchange rate target. It allows the economy to pursue an independent monetary policy strategy; such as inflation targeting and the exchange rate finds its level in the market. The strength of this regime is that it facilitates real adjustment. Exchange rate movements provide a natural cushion against real shocks that may arise from adverse terms of trade development. There are two types of floating rates available for consideration they include an independent float and lightly managed float. The difference between the two exchange rates is that independent float its operated freely with no intervention from the monetary authority and the exchange rate will determine the supply and demand but in light managed exchange rate system their will be occiotional intervention direct and indirect from the monetary policy to moderate excessive fluctuation. But both exchange rate movements provide a natural cushion against real shocks that may arise from adverse terms of trade development. In recent year's many developing countries have adopted market determine floating system. "They include Uganda in mid 1982, Uruguay in late 1982 that was followed by that was followed by Dominican Republic, Bolivia and Zambia in 1985". Milton Friedman's (1953) argument in favor of flexibility still holds much water: if prices move slowly, it is both faster and less costly to move the nominal exchange rate in response to a shock that requires an adjustment in the real exchange rate than to wait until excess demand in the goods and labor market pushes nominal prices down.
 
There is also an argument against floating know as "fear of floating" that causes exchange rates to often too quickly in developing countries, these movements are unrelated to fundamentals, causing undesirable movements in real exchange rates.
 
Inflation targeting under floating system is problematic given fiscal dominance, the frequency of supply shocks due to weak financial infrastructure that is appropriate for floating exchange rates in developing countries. Fox example Brazil faced problems in inflation targeting under floating exchange policy due to the volatility nature in exchange rate bought as effected by external shock and expectation's. Its currency in January 1999 deprecated from R$ 1.20 to R$ 2.06 at the end of February. Another example is of Indonesia, Korea, and Taiwan display considerable instability in the 1970s and 1980s. These fluctuating widely are caused by volatility of the nominal exchange rates, which in turn may be caused by the increased volatility of capital flows. As the diagram below shows
 
Another policy available is fixed exchange rate policy, where central banks will protect its exchange rate; it is where they will values of currency within certain band limit with reference to other country or basket of currency, that is usually their leading trading partner. It is seen as an anchor against inflation that is important for a developing country that have tendency to hyper inflate. Furthermore if nominal shocks prevail in an economy fixed exchange rate regime can accommodate money demand or supply shocks while minimising output volatility in a country. That helps to bring a more stable environment for international trade and also benefits from investment due to absence of a currency risk premium. For example China operate operate under a fixed exchange rate regime has benefited as its foreign exchange reserves have increase to 514.54 billion due to currency being undervalued by 40% and has not being allowed apprentice by the monetary authority due to controls by Central Bank making their good cheaper to US dollar.
 
The drawback from a fixed exchange rate is that central bank will lose last resort lending power. Central bank lending activities will only be effective only with the backing of a credible institutional setting. Therefore, even if adopting a regime that allows the central bank to print money, a non-credible banking rescue operation will likely trigger inflationary expectations and increase the probability of observing a devaluing currency, due to exhaustion of reserves and collapse of the fixed exchange rate system implying a big political cost for the policy makers as evident by Bretton wood fixed exchange rate system collapse in 1970.For example
 
Given the disadvantages of both permanently fixed and independently floating exchange rates, it is not surprising that many developing countries have tried various intermediate regimes in an effort to combine the advantages of the two systems. It is where country can either use adjustable peg system or crawling peg regime that both defend the peg but the only difference is that under adjustable peg monetary policy can alter the exchange rate and crawling peg reserves the right to change the peg in steps which are small but discretionary in size and timing. The pegs allow country to maintain stability and competiveness on the bases peg is credible, help to keep the interest rate low and allows high inflation countries to reduce inflation by moderating inflationary a problem faced by many developing countries. It regimes might faces problems such as currency crisis if the country is open to international capital markets and it seen to encourages foreign debt. For example during the mid 1960s to deal with structural feature of high inflation The passive crawling peg regime was implemented by Argentina, Brazil, Chile and Colombia. Due to this regime countries managed to relax the balance of payment constraint and experienced an acceleration of economic growth. Negative aspect associated with crawling pegs is behaviour of inflation as evident in Argentina that saw inflation around 30% per year and Colombia who's inflation around 5-10% before crawling pegs to 25% after crawling pegs was implemented by the late 1970s and early 1980s.
 
Conclusion总结
 
An important consensus on the choice of exchange rate regimes is that no single exchange rate regime is best for all countries or at all times (Frankel 1999, Mussa and others 2000). The choice would vary depending on the specific country circumstances of the time period in question (the size and openness of the country to trade and financial flows, structure of its production and exports, stage of its financial development, its inflationary history, and the nature and source of shocks it faces), and the country's policy objectives which would involve trade offs. The ultimate choice would be determined by the relative weights given to these factors.
 

本文标签: 汇率制度单一货币exchange rat

[essay的格式要改哪些]经济学短文:各国汇率制度的选择https://www.0592w.com/ESSAY/16064.html

essay辅导替代essay代写-正规代写机构教你怎么写essays范文-Essay写作格式网官方推荐

99.99%的用户同时也查看了:

[essay和article]营销essay论文...... 2021-10-10

本文通过印度著名的咖啡品牌Coffee Day 的发展来详细讲述了印度的咖啡市场的崛起以及发展历程。......

标签:Indian 印度茶叶 咖啡产业 

[招募essay写手]动机的确保...... 2021-10-09

摘要:本文主要讲述了激烈竞争的年代,文献综述对动机的确保和工作的有效承诺。在激烈的竞争时代,组织现在更注......

标签:job commitme 内在动机 

[sat考试要带essay吗]为客户...... 2021-10-09

摘要:本文主要讲述了企业中多种管理方法,包括供应链管理、销售管理和逻辑管理等,为客户创造了价值。......

标签:采购管理 酒店行业 SCM 

[如何写英文essay]英文论文...... 2021-10-09

本文作者分析了如何写一篇有质量而且吸引人的英语文章,并且讲述了写作格式和技巧。......

标签:文章写作 英语写作 技巧 

[如何写好一篇好的essay]对...... 2021-10-09

摘要:本文主要讲述了对管理方面一些原则的介绍。组织生产力的最大化是通过各种人勤奋的工作。......

标签:组织生产力 管理学原理 bureaucratic 

[如何写美国大学essay]员工...... 2021-10-09

摘要:本文主要讲述了员工的职能,文中提及了游客体验和服务质量等。企业可以以任何方式运行和运作,但当我们......

标签:公共关系 员工技能 service qual 

[英国硕士essay评分标准]留...... 2021-10-09

摘要:本文主要讲述了作者对友谊的理解,文中分别提到女性间的友谊、男性间的友谊以及男女间的友谊。......

标签:Sex 友谊 同性 

[澳洲essay写作]Society Essa...... 2021-10-09

摘要:本文主要讲述了对滥用药物危害的分析。滥用药物是非常危险的,一旦上瘾就很难继续过上他/她之前正常的生活......

标签:吸毒治疗 药物滥用 substance ab 

[淘宝的essay查重可以用吗...... 2021-10-09

企业内部的跨国公司或外部企业间的合作或交换关系相对稳定,个人可以从网络中获得支持,资源也可以通过网络流......

标签:跨国公司 人才管理战略 Talent manag 

[英国大学essay如何拿分]瑞...... 2021-10-09

摘要:本文解释了当前营销策略公司的消费者保健相关产品,包括非处方药(OTC)药品、口腔护理和营养保健产品。......

标签:GSK 营销策略 留学essay 

[10天搞定新托福essay]评估...... 2021-10-09

摘要:本文主要讲述了传统的学校来自公司业务的研究和利用相同的题目来衡量成功和效率。......

标签:组织框架 loose coupli 

[honest essay]MBA Essay:公司绩...... 2021-10-09

绩效考核的过程中还提供了他们所需的技能的理解特定的工作分配给他们,即工作的基本要求和期望的组织。......

标签:公司绩效 

[英国的硕士essay怎么写]会...... 2021-10-09

摘要:本文主要讲述了在最近的过去,会计信息系统(AIS)的领域发生了很多变化,预示着改变从纸质期刊和账本完全自......

标签:会计信息系统 AIS 评估风险 

[哪个网站有essay范文]各种...... 2021-10-09

摘要:本文主要讲述了合资企业是一种援助用于访问新兴市场、资源、知识、能力。合资企业是组合两个或两个以上......

标签:joint ventur 新兴市场 合资企业 

[英国大学MBA面试essay]运营...... 2021-10-09

本文讲述了运营管理对于一个公司的重要性。通过SWOT分析法和内外部分析了星巴克,强调了顺应时代潮流,正确进行......

标签:SWOT分析法 内外部分析 Starbucks 

[essay查重率多少合格]詹姆...... 2021-10-08

当企业发展到一定阶段,全球化战略将在公司的未来发展规划付诸表决。与此同时,公司高管将面临的一个问题。如......

标签:信息技术 战略管理 Strategic ma 

[大学申请why essay]新组织的...... 2021-10-08

摘要:本文主要讲述了外部因素如全球化和信息技术的快速发展,各种组织工作环境已发生变化,管理者必须为学习......

标签:组织 New Organiza 思维模式 

[莱斯大学why essay]组织管理...... 2021-10-08

在不久的将来,不承担社会责任的企业将受到社会问题的谴责。而且他们将被社会抛弃。因此,从现在起,企业要承......

标签:企业社会责任 

[澳洲essay写作]如何在团队...... 2021-10-08

杰姆斯是一位具有良好领导能力的管理者。他懂得如何满足团队成员的需要,并为解决问题做出正确的决策,从而使......

标签:团队管理 Sun Microsys 

[加州大学 sat essay]对历史...... 2021-10-08

本文旨在解释公允价值的概念,研究公允价值计量与历史成本计量的财务报告,并概述赞成和反对公允价值与历史成本相......

标签:公允价值 

[哈佛峰会essay怎么写]人际...... 2021-10-08

在地球上最有价值的因素,对我们来说,是我们认为我们需要的对象。但是现在已经没有人关心我们呼吸的大气,土......

标签:人际关系 communicatio 沟通评价 

[加拿大ubc essay范文]EDF能源...... 2021-10-08

法国电力集团,三个最大的能源公司在欧洲经营规模几乎覆盖整个能源供应链包括生成、交易、传输、分配、供应和......

标签:EDF能源业务 战略 EDF Energy B 

[范德堡大学 essay]业务事件...... 2021-10-08

该产品推出的100%有机小麦伏特加的最新产品活动的组织和我们的团队,这是纯绿色公司和星火组织活动有限公司的......

标签:业务事件操作 

[英语essay怎么写]标准成本...... 2021-10-08

摘要:本文主要讲述了金融危机对美国的冲击,为了重建市场和金融机构的信心,国家当局已采取了特殊措施来调整对......

标签:GAAP 

[essay随笔对周作人]会计决...... 2021-10-08

这篇文章的目的是批判性地分析会计信息决策的有用性和局限性,考虑约束条件,即会计信息的用户实际操作。......

标签:会计识别 SEU 

[英国研究生essay补习班]品...... 2021-10-08

本文的目的是分析全球品牌如何减轻消费者的民族中心主义的影响,探索新的市场。......

标签:Management|S 

Get in Touch

微信在线咨询

微信在线咨询

添加微信:
支持语音、图文实时沟通

Email实时沟通

Email实时沟通

您也可以通过Email联系我们
邮箱:

自助提交订单

自助提交订单

登陆ESSAY写作官网
在线自助提交订单

essay代写网专注【海外留学生essay代写20年】essay辅导代写正规品牌【留学生代写essay靠谱机构】提供英文essay代写、英国代写essay、美国代写Assignment、澳洲report代写、加拿大代写paper、essay范文格式讲解、Assignment代写、代写report、paper代写、essay代写一般多少钱、essay代写招聘、essay代写靠谱吗、英国研究生essay代写、留学生代写平台等辅导代写服务