国际汇率制度与货币政策框架Word格式.docx

国际汇率制度与货币政策框架Word格式.docx

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actual,defacto,arrangementsasidentifiedbyIMFstaff,whichmaydifferfromtheirofficiallyannouncedarrangements.Theschemeranksexchangeratearrangementsonthebasisoftheirdegreeofflexibilityandtheexistenceofformalorinformalcommitmentstoexchangeratepaths.Itdistinguishesamongdifferentformsofexchangerateregimes,inadditiontoarrangementswithnoseparatelegaltender,tohelpassesstheimplicationsofthechoiceofexchangeratearrangementforthedegreeofmonetarypolicyindependence.Thesystempresentsmembers'

exchangerateregimesandmonetarypolicyframeworkstoprovidegreatertransparencyintheclassificationschemeandtoillustratetherelationshipbetweenexchangerateregimesanddifferentmonetarypolicyframeworks.Thefollowingexplainsthecategories.

Exchangerateregimes

Exchangearrangementswithnoseparatelegaltender

2.Thecurrencyofanothercountrycirculatesasthesolelegaltender（formaldollarization）,orthememberbelongstoamonetaryorcurrencyunioninwhichthesamelegaltenderissharedbythemembersoftheunion.Adoptingsuchregimesimpliesthecompletesurrenderofthemonetaryauthorities'

controloverdomesticmonetarypolicy.

Currencyboardarrangements

3.Amonetaryregimebasedonanexplicitlegislativecommitmenttoexchangedomesticcurrencyforaspecifiedforeigncurrencyatafixedexchangerate,combinedwithrestrictionsontheissuingauthoritytoensurethefulfillmentofitslegalobligation.Thisimpliesthatdomesticcurrencywillbeissuedonlyagainstforeignexchangeandthatitremainsfullybackedbyforeignassets,leavinglittlescopefordiscretionarymonetarypolicyandeliminatingtraditionalcentralbankfunctions,suchasmonetarycontrolandlender-of-last-resort.Someflexibilitymaystillbeafforded,dependingonhowstrictthebankingrulesofthecurrencyboardarrangementare.

Conventionalfixedpegarrangements

4.Thecountrypegsitscurrencywithinmarginsof±

1 

percentorlessvis-à

-visanothercurrency;

acooperativearrangement,suchastheERMII;

orabasketofcurrencies,wherethebasketisformedfromthecurrenciesofmajortradingorfinancialpartnersandweightsreflectthegeographicaldistributionoftrade,services,orcapitalflows.Thecurrencycompositescanalsobestandardized,asinthecaseoftheSDR.Thereisnocommitmenttokeeptheparityirrevocably.Theexchangeratemayfluctuatewithinnarrowmarginsoflessthan±

percentaroundacentralrate—orthemaximumandminimumvalueoftheexchangeratemayremainwithinanarrowmarginof2 

percent—foratleastthreemonths.Themonetaryauthoritymaintainsthefixedparitythroughdirectintervention（i.e.,viasale/purchaseofforeignexchangeinthemarket）orindirectintervention（e.g.,viatheuseofinterestratepolicy,impositionofforeignexchangeregulations,exerciseofmoralsuasionthatconstrainsforeignexchangeactivity,orthroughinterventionbyotherpublicinstitutions）.Flexibilityofmonetarypolicy,thoughlimited,isgreaterthaninthecaseofexchangearrangementswithnoseparatelegaltenderandcurrencyboardsbecausetraditionalcentralbankingfunctionsarestillpossible,andthemonetaryauthoritycanadjusttheleveloftheexchangerate,althoughrelativelyinfrequently.

Peggedexchangerateswithinhorizontalbands

5.Thevalueofthecurrencyismaintainedwithincertainmarginsoffluctuationofmorethan±

percentaroundafixedcentralrateorthemarginbetweenthemaximumandminimumvalueoftheexchangerateexceeds2 

percent.Asinthecaseofconventionalfixedpegs,referencemaybemadetoasinglecurrency,acooperativearrangement,oracurrencycomposite.Thereisalimiteddegreeofmonetarypolicydiscretion,dependingonthebandwidth.

Crawlingpegs

6.Thecurrencyisadjustedperiodicallyinsmallamountsatafixedrateorinresponsetochangesinselectivequantitativeindicators,suchaspastinflationdifferentialsvis-à

-vismajortradingpartners,differentialsbetweentheinflationtargetandexpectedinflationinmajortradingpartners.Therateofcrawlcanbesettoadjustformeasuredinflationorotherindicators（backwardlooking）,orsetatapreannouncedfixedrateand/orbelowtheprojectedinflationdifferentials（forwardlooking）.Maintainingacrawlingpegimposesconstraintsonmonetarypolicyinamannersimilartoafixedpegsystem.

Exchangerateswithincrawlingbands

7.Thecurrencyismaintainedwithincertainfluctuationmarginsofatleast±

percentaroundacentralrate—orthemarginbetweenthemaximumandminimumvalueoftheexchangerateexceeds2 

percent—andthecentralrateormarginsareadjustedperiodicallyatafixedrateori