نظام ثمن الصرف
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نظام ثمن الصرف exchange-rate regime هوالكيفية التي تدير بها سلطة عملتها فيما يتعلق بالعملات الأخرى وسوق تداول العملات. It is closely related to monetary policy and the two are generally dependent on many of the same factors.
The basic types are a floating exchange rate, where the market dictates movements in the exchange rate; a pegged float, where a central bank keeps the rate from deviating too far from a target band or value; and a exchange rate, which ties the currency to another currency, mostly reserve currencies such as the U.S. dollar or the euro or a basket of currencies.
التعويم
Floating rates are the most common exchange rate regime today. For example, the dollar, euro, yen, and British pound all are floating currencies. However, since central banks frequently intervene to avoid excessive appreciation or depreciation, these regimes are often called or a .
التعويم المربوط
Pegged floating currencies are pegged to some band or value, either fixed or periodically adjusted. During the 1950s and most of the 1960s, for example, the United States pegged the dollar to gold ($35.00 was equal to one ounce of gold), and most other countries had pegged their currencies to the dollar (the German Mark was fixed at four marks equal to one dollar for much of this time). The U.S. government would buy or sell gold at $35.00 per ounce to foreign governments on demand, and the German government would buy and sell dollars at a price of four marks per dollar Pegged floats are:
- Crawling bands
- The rate is allowed to fluctuate in a band around a central value, which is adjusted periodically. This is done at an unannounced rate or in a controlled way following المؤشرات الاقتصادية.
- Crawling pegs
- The rate itself is fixed, and adjusted as above.
- Pegged with horizontal bands
- The rate is allowed to fluctuate in a fixed band (bigger than 1%) around a central rate. One version of the "pegged with horizontal bands" is E. Ray Canterbery's delayed peg. Fluctuations occur within a 2 percent band, sufficiently wide to allow some trade adjustments and considerable short-term capital flows, but narrow enough to avoid unusually large fluctuations. The wide bank is allowed to move in the case of large official foreign exchange losses. China's current "floating band" is essentially a delayed peg.
الثابت
Fixed rates are those that have direct convertibility towards another currency. In case of a separate currency, also known as a currency board arrangement, the domestic currency is backed one to one by foreign reserves. A pegged currency with very small bands (< 1%) and countries that have adopted another country's currency and abandoned its own also fall under this.
مجلس العملة
الدولرة
الدولرة تحدث occurs when the inhabitants of a country use foreign currency in parallel to or instead of the domestic currency. The term is not only applied to usage of the United States dollar, but generally to the use of any foreign currency as the national currency. Zimbabwe is an example of dollarization منذ انهيار دولار زمبابوى.
انظر أيضاً
- آلية ثمن الصرف الأوروپي
للاستزادة
- Edwards, Sebastian & Levy Yeyati, Eduardo (2003) "Flexible Exchange Rates as Shock Absorbers," NBER Working Papers 9867, National Bureau of Economic Research, Inc. ([1]).
- Kiguel, Andrea & Levy Yeyati, Eduardo (2009) "Back to 2007: Fear of appreciation in emerging economies" ([2]).
- Tiwari, Rajnish (2003): Post-Crisis Exchange Rate Regimes in Southeast Asia, Seminar Paper, University of Hamburg. (PDF)
- Levy-Yeyati, Eduardo & Sturzenegger, Federico & Reggio, Iliana (2006) "On the Endogeneity of Exchange Rate Regimes," Working Paper Series rwp06-047, Harvard University, John F. Kennedy School of Government. ([3])
- Nenovsky. N, K. Dimitrova(2006). .International Center for Economic Research Working Paper, Torino, No 34, 2006
- Nenovsky. N, G. Pavanelli and Dimitrova, K(2007). .International Center of Economic Research Working Paper,Torino, No 40, 2007
- Roberto Frenkel and Martín Rapetti, A Concise History of Exchange Rate Regimes in Latin America, Center for Economic and Policy Research, April 2010
- Coudert, Virginie and Cécile Couharde, Currency Misalignments and Exchange Rate Regimes in Emerging and Developing Countries. [4], 2008.
الهامش
- ^ E. Ray Canterbery, The Global Great Recession (Singapore, New Jersey: World Scientific) 2011, pp. 298-302.
- ^ Gang Yi, The People's Bank of China, "Exchange Rate Arrangement: Flexible and Fixed Exchange Rate Debate Revisited," IMF, April 16–17, 2013, pp.5-7.
