东南亚国家的汇率制度改革与变迁研究

自布雷顿森林货币体系瓦解至今,东南亚国家的汇率制度经历了五个阶段的改革与变迁.在旧汇率制度下,东南亚国家的名义汇率与实际有效汇率有其显著的特点.1997年金融危机爆发之后,东南亚国家都放弃了原有的"软性"钉住美元的汇率制度,采纳了有管理的或独立的浮动汇率制度.新的汇率制度表现出程度不同的"高频钉住美元"和"低频钉住美元"的混合模式的特点,并面临本币升值的压力.新自由主义理论所鼓吹的"中间汇率制度消失论"不符合东南亚的实际情况.

On Reforms and Transformations of Southeast Asian Countries' Currency Regimes

The currency regimes of Southeast Asian countries have undergone five stages of reforms and transformations since the collapse of Bretton Woods Monetary System.The nominal exchange rate and real effective exchange rate of Southeast Asian countries in their past systems of currency regimes had shown their distinct characteristics.These countries abandoned the system of"soft"dollar peg and adopted the systems of supervisory or independent floating exchange regimes after the eruption of financial crisis in 1997.The new currency regimes manifest the features of mixed models of"low-frequency dollar pegging"and"high-frequency dollar pegging"and the local currency is facing the pressure of appreciation.Therefore,the doctrine of"disappearance of intermediate regime"advocated by the New Liberal is not in accord with the reality of Southeast Asian Countries.