发展中国家实施钉住汇率制的机理、困境及对策

Causes, problems & countermeasures of adjustable pegging system constituted in developing countries

在当前不尽合理的国际货币体系环境下 ,开放条件下的发展中国家在选择汇率制度方面陷入了严峻的困境。针对一些学者提出的发展中国家不适合推行钉住汇率制的观点 ,运用比较分析和逻辑推理的方法 ,分析了发展中国家广泛实施钉住汇率制的原因在于其既不可能效仿西方发达国家推行浮动汇率制 ,更不具备推行固定汇率制的条件 ;指出了发展中国家在实施钉住汇率制过程中出现的一系列问题 ,提出了解决这些问题的建议 ,认为发展中国家若能制定正确的政策措施 ,实施钉住汇率制可有效地促进其内外经济均衡和经济发展。

On condition that the international currency system is unreasonable, developing countries are in a serious dilemma when they choose exchange rate system in opening condition. Based on the viewpoint proposed by some scholars that adjustable pegging system is not fit for developing countries, this article analyses the causes by means of comparative analysing and logical reasoning that developing countries executed adjustable pegging system widely. Furthmore, it pointes out a series of problems that appeared in the process of executing adjustable pegging system and makes some suggestions on resolving them. This article concludes that, if developing countries formulate correct policies, adjustable pegging system can effectively balance their economy at home and abroad and develop their economy.