阿根廷比索重新盯住美元的情况分析及启示

Argentina Adopts a de facto US Dollar Peg: Reasons and Implications

阿根廷近期大量干预外汇市场,实际上又实行单一盯住美元的汇率制度。这有一定好处,但也面临对冲成本上升、通货膨胀加剧、国内经济扭曲等问题。我国资本项目开放程度小于阿根廷,但国际收支顺差规模大、持续时间长,面临的国际压力更大。中阿两国的货币政策都面临较大制约,提高汇率的灵活性将是大势所趋。

Since the second half of 2005, Argentine monetary authority has continuously intervened with foreign exchange markets and adopted a de facto US dollar peg regime, resulting in rising sterilization costs, mounting inflationary pressure, and more economic distortions. In comparison, it is even more challenging for China with larger and more persistent balance of payment surpluses, thus much heavier international pressures. Given constraints in monetary policy operations, it is essential for both Argentina and China to increase exchange rate flexibility.