发展中国家和地区汇率制度的次佳选择

Second-best Choice of Exchange Rate Regimes for LDCs

选择合理的汇率制度 ,对于发展中国家和地区的经济增长具有重要的现实意义。历史上 ,由于绝大多数发展中国家和地区在国际分工体系中的从属地位和自身经济发展的滞后 ,在国际货币体系中居于次要、被动的地位。二战后 ,特别是布雷顿森林体系崩溃以来 ,随着国际主要货币汇率短期易变性的增加和中长期定值的错位 ,使得发展中国家和地区在汇率制度的选择上处于两难境地。在开放经济条件下 ,发展中国家和地区汇率制度安排的次佳选择是

Making suitable exchange rate regime arrangement has important significance for LDCs. Most LDCs' affiliation status in international labor division system and its less developed situation in history lead to its subordination and passive status in international monetary system. After World War II, especially beginning with the collapse of Bretton Words System, with the augment of short-term volatility and long-term wrong value fixed of main currency, it brings LDCs into a dilemma of exchange rate regime choice. In conclusion, under the condition of open economy, the second-best choice of exchange rate regime for LDCs is managed and adjustable main currency basket pegged regime arrangement with fluctuating zone.