在這一講中我們要繼續(xù)跟您談?wù)?floating exchange rates 浮動匯率和 fixed exchange rates 固定匯率問題。
在上一講中，我們?yōu)槟榻B了澳大利亞從一九八三年開始實行澳元的浮動匯率制。在此之前，澳大利亞同世界上大多數(shù)國家一樣，曾實行過各種不同的固定匯率制，包括：
1 gold standard 金本位制2 bretton woods system 布雷頓森林貨幣體系3 crawling peg system 蠕動釘住匯率制
那么，實行浮動匯率制有什么好處呢？澳洲廣播電臺金融節(jié)目主持人巴里克拉克說：
one of the most important benefits of floating exchange rates is that they help to insulate the domestic economy against shocks. for example under fixed exchange rates, if an export market collapses, the adverse impact is transmitted fully to the domestic economy. it may be said that we achieve stability of the exchange rate at the cost of domestic instability.
however, if a similar thing happens under floating exchange rates, the automatic depreciation of the dollar helps to offset the negative domestic effects. in other words, we get relative domestic stability at the cost of exchange rate instability.
furthermore, our domestic economic policy options are themselves significantly affected by whether exchange rates are fixed or floating.
巴里克拉克在談話中使用了這樣幾個詞匯：
1 insulate 隔絕2 adverse impact 不利影響3 transmit 傳導(dǎo)4 depreciation 貶值5 offset 抵銷，補償
下面我們分段聽一遍巴里克拉克的這段講話及中文翻譯：（英文略）
浮動匯率的好處是它有助于國內(nèi)經(jīng)濟免受（國際金融市場動蕩的）打擊。舉例來說，在固定匯率制度下，如果一個出口市場崩潰，國內(nèi)經(jīng)濟就會經(jīng)受全部的打擊。這也許可以說是以國內(nèi)經(jīng)濟動蕩為代價來換取匯率的穩(wěn)定。
在上一講中，我們?yōu)槟榻B了澳大利亞從一九八三年開始實行澳元的浮動匯率制。在此之前，澳大利亞同世界上大多數(shù)國家一樣，曾實行過各種不同的固定匯率制，包括：
1 gold standard 金本位制2 bretton woods system 布雷頓森林貨幣體系3 crawling peg system 蠕動釘住匯率制
那么，實行浮動匯率制有什么好處呢？澳洲廣播電臺金融節(jié)目主持人巴里克拉克說：
one of the most important benefits of floating exchange rates is that they help to insulate the domestic economy against shocks. for example under fixed exchange rates, if an export market collapses, the adverse impact is transmitted fully to the domestic economy. it may be said that we achieve stability of the exchange rate at the cost of domestic instability.
however, if a similar thing happens under floating exchange rates, the automatic depreciation of the dollar helps to offset the negative domestic effects. in other words, we get relative domestic stability at the cost of exchange rate instability.
furthermore, our domestic economic policy options are themselves significantly affected by whether exchange rates are fixed or floating.
巴里克拉克在談話中使用了這樣幾個詞匯：
1 insulate 隔絕2 adverse impact 不利影響3 transmit 傳導(dǎo)4 depreciation 貶值5 offset 抵銷，補償
下面我們分段聽一遍巴里克拉克的這段講話及中文翻譯：（英文略）
浮動匯率的好處是它有助于國內(nèi)經(jīng)濟免受（國際金融市場動蕩的）打擊。舉例來說，在固定匯率制度下，如果一個出口市場崩潰，國內(nèi)經(jīng)濟就會經(jīng)受全部的打擊。這也許可以說是以國內(nèi)經(jīng)濟動蕩為代價來換取匯率的穩(wěn)定。