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汇率是一个重要的经济变量,同时也是一个特殊的国际变量,它至少直接涉及两个国家,汇率走势以及相关政策选择还会间接影响其他众多经济体。本文勾勒出了过去半个多世纪汇率政策的历史,希望能够吸取一些基本的经验与教训:对于大多数经济体而言,一个具有足够灵活度及有限市场干预的汇率机制越来越成为范例。对汇率政策来说更为重要的是,从20世纪60年代以来,各国降低了对外国直接投资和资金流动的官方限制。这加快了全球金融一体化进程,特别是近年来更为明显。无论是对发达经济体还是新兴经济体来说,过去50年来汇率政策与实践均取得了较大发展,尤其是在G20成员国以及TPP潜在成员国中。本文试图提供十点观察。
Exchange rate is an important economic variable, but also a special international variable. It involves at least two countries directly. Exchange rate movements and related policy options also indirectly affect many other economies. This article sketches the history of exchange rate policy for more than half a century and hopes to draw some basic lessons and lessons: For most economies, an exchange rate mechanism with sufficient flexibility and limited market intervention is increasingly becoming an example. More importantly, for exchange rate policy, countries have reduced official restrictions on foreign direct investment and capital flows since the 1960s. This has accelerated the process of global financial integration, especially in recent years. For both developed and emerging economies, exchange rate policies and practices have greatly developed over the past 50 years, especially in the G20 member countries and TPP potential member states. This article attempts to provide ten observations.