寻找汇率市场化改革的逻辑顺序

Looking for the Logical Order of Exchange Rate Marketization Reform

智利汇率市场化大致经历了四个阶段:1979-1982年实行钉住美元的汇率制度;1982-1992年实行爬行钉住美元的汇率制度;1992-1999年实行爬行钉住一篮子货币的货币制度;1999年实现了比索汇率自由浮动。由于智利汇率市场化改革是按照既定顺序、坚持渐进原则而不断向前推进的,当1999年2月智利政府宣布取消汇率管制时,社会反应平静。也就是说,在整个改革过程中,智利按照汇率市场化改革的内在逻辑顺序,与其他改革尤其是资本账户可兑换相互配合、协同推进,较为平稳地完成了从钉住制度到自由浮动的转变。

The marketization of Chile＇s exchange rate has gone through four stages： system that pegged to the US dollar from 1979 to 1982; system that crawled and pegged the US dollar in 1982-1992; the monetary system that crawled and pegged a basket of currencies in 1992-1999; and the eso exchange rate that was freely floated in 1999. Since the reform of the exchange rate market in Chile has been moving forward in accordance with the established order and the principle of gradual progress, the social reaction was quite calm when the Chilean government announced the cancellation of exchange rate control in February 1999. That is to say, Chile has cooperated with other reforms, especially capital account convertibility, in accordance with the inherent logical order of exchange rate marketization, and has smoothly completed the transition from pegging to free floating in the whole process of reform.