固定汇率制:并非低成本的反通货膨胀措施

Fixed Exchange Rate System: A costly disinflation measure

从理论上说,当某国发生严重通货膨胀时,可实行固定汇率制,通过将本币钉住通货膨胀较低的关键货币,借用关键货币的清偿能力保证本币购买力,从而达到快速和低成本的反通货膨胀目的。实践中,这种做法却并非行之有效,启动汇率稳定计划,失败大于成功。这一现象引起许多学者的兴趣,产生了许多研究成果。在20世纪90年代,以克鲁格曼模型为基础的扩展研究最具影响。该模型指出,固定汇率制固有的脆弱性容易引发投机攻击,造成国际收支危机。

In theory, a country with high inflation can reduce the inflation rate by pegging to a low inflation currency. Empirical results have proved that there are more failures than successes in the attempts of reducing inflation by fixing the exchange rate. Krugman's model has aroused great interest among academics. According to Krougman, a fixed exchange rate system is vulnerable to speculative attacks and is likely to cause a bal-ance-of-payment crisis.