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一、问题的由来固定汇率与浮动汇率之争在60-70年代曾经是国际经济学界最热烈的研究主题,孰优孰劣一直没有定论,而1997—98年的亚洲金融危机以及我国加入WTO又将汇率制度问题摆在了政府的面前。东南亚几个国家和地区的金融危机几乎都是从货币危机开始的,所以人们很快就意识到固定汇率制在币值高估导致经常项目逆差和累积风险方面的关键作用,于是转向更为灵活的汇率体制就理所当然成为政策建议的一部分。然而就在一些国家相继采取扩大汇率浮动区间政策的同时,欧盟的货币一体化进程却迈出了最关键的一步-统一货币,而货币一体化实质上是最极端的固定汇率制度。欧元引起了人们对汇率体制安排的深层思考。
First, the origin of the problem Fixed exchange rate and floating exchange rate dispute in the 1960s and 1970s was the hottest topic of study in the field of international economics, which one is better or worse has not been conclusive, and the 1997-98 Asian financial crisis and China’s accession to the WTO Put the issue of exchange rate system in front of the government. Almost all financial crises in several Southeast Asian countries started with the currency crisis, so people soon realized that the fixed exchange rate system was pivotal to the current account deficit and cumulative risk due to overvalued currencies, and thus shifted to a more flexible Exchange rate regimes have certainly become part of the policy proposals. However, some countries have taken the policy of expanding the exchange rate floating range one after another. At the same time, the EU’s monetary integration process has taken the most crucial step - unified currency. Monetary integration is essentially the most extreme fixed exchange rate system. The euro has aroused people’s deep thinking on the exchange rate system.