25选5预测推荐 www.mwpqu.com 導讀：此文是一篇英國國際商務學assignment，試辯論固定和浮動匯率制度的相對優點。 從Diebold的角度來看，批判性地評估系統之間選擇中最重要的標準。
This assignment focuses on debating the relative merits of fixed and floating exchange rate regimes. Moreover, this assignment will critically appraise the most important criteria in a choice between the systems for the international company Diebold. Exchange rate regime refers to the system arrangement or strict rules on the principles, methods, and institutions of determining, maintaining and managing the exchange rate by monetary authorities (Frankel, 1999). In other words, the monetary authorities make a series of arrangement or regulation on the basic way of changing its exchange rate. Exchange rate is the most important comprehensive price index for the international economic activities. The changes of exchange rate will directly decide the balance of foreign trade. According to the flexibility of exchange rate, there are two mainly kinds of exchange rate regimes: fixed exchange rate regime and floating exchange rate.
Fixed exchange rate regimes 固定匯率制度
固定匯率制度是指政府使用行政或法律工具來確定，釋放和維持國內貨幣與參考物質之間的固定平價（Ghosh等，2003）。此外，固定匯率制度是控制通貨膨脹的工具。但是，隨著參考值的上升和下降，與之掛鉤的貨幣也會上漲和下跌。根據蒙代爾 - 弗萊明模型，對于資本流動完全的國家，固定匯率制度?；ふ皇褂霉諢醣藝呃詞迪趾旯劬夢榷?。
Fixed exchange rate regimes refer to government use the tool of administrative or legal to determine, release and maintain the fixed parity between domestic currency and reference substance (Ghosh et al, 2003). In addition, the fixed exchange rate regime is the tool to control inflation. However, as the reference value rises and falls, so does the currency pegged to it. According to the Mundell-Fleming model, for countries with complete capital mobility, the fixed exchange rate regime protect the government from using domestic monetary policy on achieving macro-economic stability.
Merits of fixed exchange rate regime 固定匯率制度的優點
There are many merits when carrying out the fixed exchange rate regime. The merits are focusing on promoting stability, adjusting trade balance, inhibiting speculation, decreasing uncertainty and maintaining monetary discipline(Ghosh et al, 2003).
I. The fixed exchange rate is stability, which can effectively reduce the risk. In specific, there is reliable basis for the settlement of international credit and debt and the calculation on the cost of internal trade. Thus, the fixed exchange can effectively reduce the risk of the significant changes on exchange rate facing by trade or capital exporting and importing.
II. The fixed exchange rate can adjust the trade balance. In other words, fixed exchange rate can stabilize the international liquidity and the price of import and export.
III. The fixed exchange rate would inhibit the foreign exchange market speculation to some extent.
IV. The fixed exchange rate can decrease the uncertainty about exchange rate fluctuation. The fixed exchange rate regime can introduce a degree of certainty in the international monetary system by reducing volatility in exchange rates.
V. The fixed exchange rate can maintain the monetary discipline and promote the expected stability on both price level and inflation.
Demerits of fixed exchange rate regime
There are many demerits on fixed exchange rate regime (Edwards, 1996; Ghosh et al, 2003).
I. Under the fixed exchange rate regime, the domestic economic goals should obey the international balance of payments. When a country's international payments imbalances, the government will adapt the tight or expansionary fiscal and monetary policy. Thus, the domestic unemployment rate will increase and the price of commodities will also rise.
II. Under the fixed exchange rate regime, the inflation risks will easily take place. The rising price will increase the cost of export commodities and decrease the export, which will cause the international balance of payments deficit and unstable domestic currency. In order to stabilize the exchange rate, the monetary authorities should put in gold and foreign exchange reserves into the foreign exchange market, which make a great loss on gold and foreign exchange reserves.
III. Under the fixed exchange rate regime, governments have the duty to maintain the stability of exchange rate, which will weak the policy autonomy of domestic monetary. The fixed exchange rate regime without restricting the control on capital projects will easily cause the monetary and financial crisis.
Floating exchange rate regimes
Floating exchange rate regimes refer to the Government does not provide upper and lower limits for the exchange rate fluctuations and the currency’s value follows the fluctuations of foreign exchange market(Ghosh et al, 2003).
Merits of floating exchange rate regime
There are many merits of floating exchange rate regimes, which focuses on automatic trade balance adjustments and monetary policy autonomy (Alesina et al. 2006).
I. Floating exchange regime can guarantee the independence of monetary policy and avoid the public depreciation and the public appreciation of domestic currency. At the same time, government has the monetary policy autonomy and has greater room for realizing the goal of internal equilibrium and external equilibrium at the same time.
II. Floating exchange rate can help reduce the impact of external and avoid the spread of international inflation.
III. Government has no obligation to maintain stability of exchange rate, which need less gold and foreign exchange reserves. Thus, floating exchange rate regime can avoid the loss of foreign exchange reserves.
IV. Government can adjust the automatic trade balance, which can avoid the international financial panic and ensure the stability of the foreign exchange market.
Demerits of floating exchange rate regime
I. Under the floating exchange rate regime, the exchange rate will appear sharply excessive fluctuations, which makes the market less stability. Moreover, it is not conducive to make trade and investment.
II. The risk degree and the costs on preventing risk will increase, which is not conducive to the development of international trade and investment. It is hard to inhibit the foreign exchange market speculation to some extent.
III. All countries will take means of currency devaluation to expand their employment and output, which will destroy the profits of other countries.
The choice of Diebold
Diebold is a great international company. A good trade and investment condition is one of the most important factors for earing profits. Even though, the transnational flow of capital is controlled by market forces, it is not conducive to make trade and investment. However, the fixed exchange rate regimes are usually used to stabilize the value of a currency against the currency it is pegged to. Thus, the exchange rate can make the trade and investment between two countries easier and more predictable. Moreover, the merits are focusing on promoting stability, adjusting trade balance, inhibiting speculation, decreasing uncertainty and maintaining monetary discipline. Thus, ta fixed exchange rate regime is more suitable for Diebold, which can foster the kind of stability that would facilitate more rapid growth in international trade and investment.
Frankel, J. A. (1999). No single currency regime is right for all countries or at all times (No. w7338). National Bureau of Economic Research.
Edwards, S. (1996). The determinants of the choice between fixed and flexible exchange-rate regimes (No. w5756). National Bureau of Economic Research.
Ghosh, A. R., Gulde-Wolf, A. M., & Wolf, H. C. (2002). Exchange rate regimes: choices and consequences (Vol. 1). MIT Press.