Exchange Rate Regimes: Some Lessons from Postwar Europe
Exchange Rate Regimes: Some Lessons from Postwar Europe
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汇率制度：战后欧洲的一些教训
DOI：
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发表时间：
2001
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通讯作者：
Charles Wyplosz
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文献类型：
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作者：
Charles Wyplosz
欧洲战后的固定汇率经验对今天的新兴市场国家有用吗？一种新的传统智慧认为，答案是否定的，在当今资本流动巨大的世界，唯一的选择是自由浮动汇率和严格盯住汇率。相反，欧洲的战略有很多可取之处，大多数欧洲国家都把贸易一体化作为一个主要目标，并认为汇率稳定是建立公平竞争环境的先决条件。该政权的生存是由于广泛的金融压制。没有证据表明这种战略阻碍了增长，事实恰恰相反。对于其他小型开放经济体来说，这一战略也并非不可能。
Can Europe's post-war experience with fixed exchange rates be useful for today's emerging market countries? A new conventional wisdom suggests that the answer is negative, that in today's world of huge capital flows the only choice is between freely floating exchange rates and hard pegs. The Paper argues to the contrary, that Europe's strategy has much to recommend it. Most European countries have identified trade integration as a key objective, and considered that exchange rate stability was a prerequisite for establishing a level-playing field. The survival of the regime was made possible by widespread financial repression. There is no evidence that such a strategy stunted growth, quite the contrary in fact. Nor is it the case that this strategy is impossible today for other small open economies.
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