The case for flexible exchange rates
The case for flexible exchange rates
复制标题
DOI：
10.13133/2037-3643/12761
复制
发表时间：
1954
影响因子：
0.7
通讯作者：
F. Lutz
中科院分区：
文献类型：
--
作者：
F. Lutz
在文章的第一部分中，作者指出，除非允许汇率变动，否则无法实现恢复可兑换性和进口自由化的双重目标。在第二和第三部分，他论述了问题的长期方面，详尽分析了处理国际收支逆差的可能方法。首先讨论了在固定汇率制度下可能采用的各种替代方法的缺点，其次表明浮动汇率政策上级这些方法。在第四部分中，讨论了将浮动利率政策与建立稳定基金相结合的建议。最后，作者指出，有可能在早期阶段采用一种“有限灵活性”的制度，允许汇率在明确界定但比目前通行的限度宽得多的限度之间浮动。JEL：E42、F31、F32
In the first part of the article the author shows that the double objective of the return to convertibility and the liberalisation of imports cannot be reached unless exchange rates are allowed to move. In the second and third parts he treats the longer run aspect of the problem, giving exhaustive analysis of possible methods of dealing with a deficit in the balance of payments. This is done first by discussing the disadvantages of the various alternative ways that may be adopted under the system of fixed exchange rates, and second by showing that a policy of fluctuating rates is superior to these methods. In the fourth part the suggestion for combining the policy of flexible rates with establishment of stabilisation funds is discussed. In concluding the author points to the possibility of adopting in the early stages a system of “limited flexibility” under which exchange rates would be allowed to fluctuate between limits that were well defined but considerably wider than those which prevail at present. JEL: E42, F31, F32