中间汇率制度思想起源与演进

中间汇率制度是金融改革可取的现实选择。中间汇率制度思想起源于第二次世界大战期间的美国,20世纪60年代被重新修订,提出“汇率宽区间”和“爬行钉住”计划;70年代以参考汇率和“最优钉住”理论为其升华;80年代将“宽区间”与“爬行钉住”结合,创立目标区经典模型;90年代,新兴市场化国家普遍实行钉住汇率制度,经验证明中间汇率制优于浮动汇率制。

The Origin and Development of the System of Medial Rate

The system of medial rate is a practical choice of financial reform.It emerged during the Second World War in USA and was revised in the 1920s for adding the "wide range of rate" and "crawling peg".In the 1970s,there appeared the reference rate and the "optimal pegged theory".The 1980s saw the combination of the "wide range" with the "crawling peg",which resulted in the creation of the classical model of the target zone.In the 1990s,the countries practicing new market economy usually carried out the "pegged exchange rate" and the past experience has proved that the medial rate is better than the floating rate.