从阿根廷金融危机分析“钉住汇率制”的利弊

Assessing the Pegged Exchange Rates from Argentina's Financial Crisis

1 32 0亿美元的巨额外债是阿根廷金融危机的导火索 ,而阿根廷在汇率制度上的僵化是产生金融危机的重要原因。本文以阿根廷金融危机为背景 ,分析钉住汇率制的优点主要是有利于国际贸易与资本流动 ;缺点主要是丧失独立的货币政策且不能利用汇率调整应对复杂多变的世界经济形势。对我国的启迪是人民币汇率的稳定不等于没有波动 ,汇率形成机制要市场化。

Based on the financial crisis in Argentina which was touched off by a huge debt of USD132 billion but closely connected with the stiff exchange rate system in that country,this article points out that the pegged exchange rates helps international trades and capital flow while its host country loses the independence of its currency policies and the flexibility of changeable exchange rates in coping with the changing global economy.The lesson we draw from the crisis is that the stability of RMB doesnt promise freedom of corresponding fluctuation and that exchange rate system should be regulated by market mechanism.