置疑汇率安排的“角点解”

Doubts on "Corner Solutions" to Exchange Rate Arrangements

上世纪 90年代国际金融危机的频繁爆发重新引发了汇率制度选择的讨论 ,有关汇率安排“角点解”的观点风行一时。置疑“角点解” ,认为一刀切的“角点解”并不符合所有国家的汇率选择 ,影响汇率制度选择的因素远不止货币冲击一项 ,没有一种汇率制度适合所有国家和一个国家的所有发展阶段。“角点解”不具普遍性。

Frequent bursting of international financial crises in the 1990s has restarted discussions on the choice of exchange rate arrangements. 'Corner solutions' is, for a while, popular and all the rage. This paper raises doubts in five aspects, holding that 'corner solutions' is not fit for all countries, there are many other factors affecting the choice of exchange rate regimes other than hot money assaulting. No exchange rate regime is applicable to every country at any time. The view of 'corner solutions' is with its one-sidedness.