国际汇率制度与货币政策框架2006

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1、DeFactoClassificationofExchangeRateRegimesandMonetaryPolicyFrameworkDataasofJuly31,20061.Thisclassificationsystemisbasedonmembers'actual,defacto,arrangementsasidentifiedbyIMFstaff,whichmaydifferfromtheirofficiallyannouncedarrangements.Theschemeranksexchangeratearrangementsonthebasisoftheirdegree

2、offlexibilityandtheexistenceofformalorinformalcommitmentstoexchangeratepaths.Itdistinguishesamongdifferentformsofexchangerateregimes,inadditiontoarrangementswithnoseparatelegaltender,tohelpassesstheimplicationsofthechoiceofexchangeratearrangementforthedegreeofmonetarypolicyindependence.Thesystem

3、presentsmembers'exchangerateregimesandmonetarypolicyframeworkstoprovidegreatertransparencyintheclassificationschemeandtoillustratetherelationshipbetweenexchangerateregimesanddifferentmonetarypolicyframeworks.Thefollowingexplainsthecategories.ExchangerateregimesExchangearrangementswithnoseparatel

4、egaltender2.Thecurrencyofanothercountrycirculatesasthesolelegaltender(formaldollarization),orthememberbelongstoamonetaryorcurrencyunioninwhichthesamelegaltenderissharedbythemembersoftheunion.Adoptingsuchregimesimpliesthecompletesurrenderofthemonetaryauthorities'controloverdomesticmonetarypolicy.

5、Currencyboardarrangements3.Amonetaryregimebasedonanexplicitlegislativecommitmenttoexchangedomesticcurrencyforaspecifiedforeigncurrencyatafixedexchangerate,combinedwithrestrictionsontheissuingauthoritytoensurethefulfillmentofitslegalobligation.Thisimpliesthatdomesticcurrencywillbeissuedonlyagains

6、tforeignexchangeandthatitremainsfullybackedbyforeignassets,leavinglittlescopefordiscretionarymonetarypolicyandeliminatingtraditionalcentralbankfunctions,suchasmonetarycontrolandlender-of-last-resort.Someflexibilitymaystillbeafforded,dependingonhowstrictthebankingrulesofthecurrencyboardarrangemen

7、tare.Conventionalfixedpegarrangements4.Thecountrypegsitscurrencywithinmarginsof±1 percentorlessvis-à-visanothercurrency;acooperativearrangement,suchastheERMII;orabasketofcurrencies,wherethebasketisformedfromthecurrenciesofma