现代汇率理论浅探

A STUDY OF MODERN EXCHANGE RATE THEORY

自从七十年代初西方世界实行浮动汇率制以来,汇率理论有了较大的发展。在国际金融理论中,汇率理论占有愈来愈重要的地位。而近二十年来西方几个主要国家的货币汇率波动甚大。众所周知,美元在七十年代后期急剧贬值,八十年代初期扶摇直上,自八十年代中期以来又大幅度下跌,影响所及日元、马克、英磅、法郎也随之波动。

It deals briefly with the recent theoretical development of exchange ratesin developed countries,developing countries and socialist countries.It par-ticularly discussed and commented on the monetary and asset-market app-roach in developed countries, the pegging system in developing countriesand the profit and loss accounting evaluation for the state owned foreigntrade corporations in socialist countries. Einally, following the reform ofeconomic system in Peoples Republic of China, the function of exchangerate is changing from a profit and loss accounting tool for .the-state foreigntrade corporations to an adjusting leverage for the balance of currentaccount.