imf各国汇率制度安排2006

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1、http://www.imf.org/external/np/mfd/er/2006/eng/0706.htmDeFactoClassificationofExchangeRateRegimesandMonetaryPolicyFrameworkDataasofJuly31,20061.Thisclassificationsystemisbasedonmembers'actual,defacto,arrangementsasidentifiedbyIMFstaff,whichmaydifferfromtheirofficiallyannounceda

2、rrangements.Theschemeranksexchangeratearrangementsonthebasisoftheirdegreeofflexibilityandtheexistenceofformalorinformalcommitmentstoexchangeratepaths.Itdistinguishesamongdifferentformsofexchangerateregimes,inadditiontoarrangementswithnoseparatelegaltender,tohelpassesstheimplica

3、tionsofthechoiceofexchangeratearrangementforthedegreeofmonetarypolicyindependence.Thesystempresentsmembers'exchangerateregimesandmonetarypolicyframeworkstoprovidegreatertransparencyintheclassificationschemeandtoillustratetherelationshipbetweenexchangerateregimesanddifferentmone

4、tarypolicyframeworks.Thefollowingexplainsthecategories.ExchangerateregimesExchangearrangementswithnoseparatelegaltender2.Thecurrencyofanothercountrycirculatesasthesolelegaltender(formaldollarization),orthememberbelongstoamonetaryorcurrencyunioninwhichthesamelegaltenderissharedb

5、ythemembersoftheunion.Adoptingsuchregimesimpliesthecompletesurrenderofthemonetaryauthorities'controloverdomesticmonetarypolicy.Currencyboardarrangements3.Amonetaryregimebasedonanexplicitlegislativecommitmenttoexchangedomesticcurrencyforaspecifiedforeigncurrencyatafixedexchanger

6、ate,combinedwithrestrictionsontheissuingauthoritytoensurethefulfillmentofitslegalobligation.Thisimpliesthatdomesticcurrencywillbeissuedonlyagainstforeignexchangeandthatitremainsfullybackedbyforeignassets,leavinglittlescopefordiscretionarymonetarypolicyandeliminatingtraditionalc

7、entralbankfunctions,suchasmonetarycontrolandlender-of-last-resort.Someflexibilitymaystillbeafforded,dependingonhowstrictthebankingrulesofthecurrencyboardarrangementare.Conventionalfixedpegarrangements4.Thecountrypegsitscurrencywithinmarginsof±1 percentorlessvis-à-visanothercurr

8、ency;acooperativearrangement,suchastheERMII;orabasketo