固定汇率安排与通货紧缩的国际传染

Fixed Exchange Rate Regime and Propagation Mechanism of Deflation

本文区分金本位和纸币本位两种货币体制,结合主要的固定汇率安排形式,探讨了固定汇率制度与通货紧缩传染的关系。研究结果表明,固定汇率安排确实存在通货紧缩的跨国传导机制,这也是选择保持汇率固定的政策时必须考虑的社会成本。

This paper studies the propagation mechanism of deflationary trend under various fixed exchange rate arrangements. It comes to a conclusion that the cross - bordering propagation effect is embedded in fixed exchange regimes, and it is the cost the authorities should take into account when it makes a commitment to keeping stable exchange rate.