This article LTG Goldrolk to share with you the relevant content of the exchange rate target area ~
The earliest proposal "exchange rate target zone" was a foreign financial minister Duilsenbery.In 1976, he proposed a target area plan to establish a change in currency exchange rates in the Six Kingdoms in Europe.In 1985, John · Williamson and Bergsen, a well -known American scholar, jointly proposed a detailed exchange rate target area idea and action plan.In February 1987, the Six Kingdoms Treasury Secretary of the Seventh Kingdom Group wrote the "Louvre Agreement" published by the exchange rate target area after the meeting in the Paris conference.In 1991, Krugman (Krugman) started the exchange rate target area plan initiated by Williamson in 1985, and founded the first standard theoretical model of the exchange rate target area.The theory of G mann exchange rate target area ) has attracted a strong interest in the academic community on the problem of exchange rate target area.
There are many types of exchange rate targets, but they can be divided into "hard target areas" and "soft target areas".The exchange rate change of the "hard target area" is very narrow, and the content of the target area is also made public. Generally, the exchange rate is maintained through the monetary policy in the target area.The exchange rate changes in the "soft target area" are relatively wide, and they are often revised. The content of the target area is not disclosed to the outside world. It is not required to be maintained through monetary policy.
Since the establishment of the exchange rate target area, since the present, there have been different compliments in all aspects.Developing countries hope to achieve the stability of exchange rates by implementing the exchange rate target area, while developed countries believe that the exchange rate target area is unrealistic.The characteristic of the exchange rate target area is to integrate the flexibility of the floating exchange rate system and the stability of the fixed exchange rate system , and it can also promote the coordination of macroeconomic policies in various countries .However, there are many difficulties to implement, such as the determination of the balanced exchange rate, the effective method of maintaining the goal, and so on.
Since the collapse of the Bretton Forest System in 1973, the international monetary system has entered the era of floating exchange rate system . The world has entered a floating exchange rate system, including floating exchange rate systems, fixedThe exchange rate system and the mixed exchange rate system, including the intermediate exchange rate system.The frequent and fierce exchange rate fluctuations bring huge risks and difficulties to international trade and investment.In order to promote the exchange and development of the international economy , and at the same time, in order to seek a more reasonable exchange rate system , many scholars and government officials in the world have proposed many exchange rate system reform measures.A new type of exchange rate system appears under the situation.
According to the point of view of the Tenth Group, the exchange rate target area is a set of adjustable exchange rates designed by the authorities. This exchange rate must be adapted to the basic balance of the long -term form of international revenue and expenditure, and it can be adjusted around this complete set of adjustable adjustments.The exchanges are widely established .Flunkel and Goldstan (1986) believe that the exchange rate target area is a hybrid system, which has the stability of the fixed exchange rate system and the flexibility of floating exchange rate system.It is different from the full floating exchange rate system, because the currency authorities must intervene in the foreign exchange market under the exchange rate target region system to make the exchange rate float in the target area instead of unlimited floating.It is different from the management floating exchange rate system , and there are two differences:
In the target area, the authorities in the target area formulate a relatively certain regional restriction on the excessive fluctuations of the exchange rate within a certain period of time;
(2) The authorities in the target area pay more attention to the fluctuation of exchange rate. If necessary, use monetary policy and other measures to limit the fluctuations of the exchange rate as much as possible in the target area.It is also different from the adjustable nailing system, because none of the currency authorities intervene in the foreign exchange market in any case to make the exchange rate fluctuate in the target area.It is also different from the completely nailing system, because when necessary, the target area can be adjusted.
