法郎贬值对法郎区非洲成员国经济的影响——兼论贬值效应理论在法郎区经济实践中的偏差

IMPACT OF DEVALUATION OF FRANC ON THE ECONOMY OF THE AFRICAN MEMBER COUNTRIES IN THE FRANC ZONE

法郎区从建立到现在已经历了半个多世纪。其间,在成员国数量、权力分配等问题上发生了不小的变化。但法郎区的若干原则始终如一,其中最基本的一条就是区内各种货币实行固定汇率。

Owing to the fixed exchange rate adopted between the African franc and the French franc, changes (mainly referring to devaluation) of the lattertend to make direct impact on various aspects of the economic actvivitiesof the African member countries in the franc zone. For the internaleconomic activities, devaluation would affect the consumer price, the cost ofproduction and the financial balance of the state. Its impact on theexternal economic activities is far greater, mainly relating to the foreignexchange reserve, foreign trade and external debt of those Africanmember countries. However, because of the currcncy composition of theirforeign exchange reserve and foreign debt as well as the special characterof their foreign trade partners and commodity structure, there areconsiderable deviations with the classical theory of currency devaluationeffect when applied to the economic practice outside the franc zone.