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.Theschemeranksexchangeratearrange

2、mentsonthebasisoftheirdegreeofflexibilityandtheexistenceofformalorinformalcommitmentstoexchangeratepaths.Itdistinguishesamongdifferentformsofexchangerateregimes,inadditiontoarrangementswithnoseparatelegaltender,tohelpassesstheimplicationsofthechoiceofexchangeratearran

3、gementforthedegreeofmonetarypolicyindependence.Thesystempresentsmembers'exchangerateregimesandmonetarypolicyframeworkstoprovidegreatertransparencyintheclassificationschemeandtoillustratetherelationshipbetweenexchangerateregimesanddifferentmonetarypolicyframeworks.Thef

4、ollowingexplainsthecategories.ExchangerateregimesExchangearrangementswithnoseparatelegaltender2.Thecurrencyofanothercountrycirculatesasthesolelegaltender(formaldollarization),orthememberbelongstoamonetaryorcurrencyunioninwhichthesamelegaltenderissharedbythemembersofth

5、eunion.Adoptingsuchregimesimpliesthecompletesurrenderofthemonetaryauthorities'controloverdomesticmonetarypolicy.Currencyboardarrangements3.Amonetaryregimebasedonanexplicitlegislativecommitmenttoexchangedomesticcurrencyforaspecifiedforeigncurrencyatafixedexchangerate,c

6、ombinedwithrestrictionsontheissuingauthoritytoensurethefulfillmentofitslegalobligation.Thisimpliesthatdomesticcurrencywillbeissuedonlyagainstforeignexchangeandthatitremainsfullybackedbyforeignassets,leavinglittlescopefordiscretionarymonetarypolicyandeliminatingtraditi

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

8、-visanothercurrency;acooperativearrangement,suchastheERMII;orabasketofcurrencies,wherethebasketisformedfromthecurrenciesofma