指导
网站地图
返回首页

英国国际商务学assignment作业:固定和浮动汇率制度

论文价格: 免费 时间:2019-04-29 14:29:52 来源:www.ukassignment.org 作者:留学作业网

导读:此文是一篇英国国际商务学assignment,试辩论固定和浮动汇率制度的相对优点。 从Diebold的角度来看,批判性地评估系统之间选择中最重要的标准。

Introduction 介绍
这项任务的重点是辩论固定和浮动汇率制度的相对优点。此外,这项任务将批判性地评估国际公司Diebold系统之间选择中最重要的标准。汇率制度是指货币当局确定,维持和​​管理汇率的原则,方法和制度的制度安排或严格规则(Frankel,1999)。换句话说,货币当局就改变汇率的基本方式作出一系列安排或规定。汇率是国际经济活动中最重要的综合价格指数。汇率的变化将直接决定对外贸易的平衡。根据汇率的灵活性,汇率制度主要有两种:固定汇率制和浮动汇率制。
This assignment focuses on debating the relative merits of fixed and floating exchange rate regimes. Moreover, this assignment will critically appraise the most important criteria in a choice between the systems for the international company Diebold. Exchange rate regime refers to the system arrangement or strict rules on the principles, methods, and institutions of determining, maintaining and managing the exchange rate by monetary authorities (Frankel, 1999). In other words, the monetary authorities make a series of arrangement or regulation on the basic way of changing its exchange rate. Exchange rate is the most important comprehensive price index for the international economic activities. The changes of exchange rate will directly decide the balance of foreign trade. According to the flexibility of exchange rate, there are two mainly kinds of exchange rate regimes: fixed exchange rate regime and floating exchange rate. 
Fixed exchange rate regimes 固定汇率制度
固定汇率制度是指政府使用行政或法律工具来确定,释放和维持国内货币与参考物质之间的固定平价(Ghosh等,2003)。此外,固定汇率制度是控制通货膨胀的工具。但是,随着参考值的上升和下降,与之挂钩的货币也会上涨和下跌。根据蒙代尔 - 弗莱明模型,对于资本流动完全的国家,固定汇率制度保护政府不使用国内货币政策来实现宏观经济稳定。
Fixed exchange rate regimes refer to government use the tool of administrative or legal to determine, release and maintain the fixed parity between domestic currency and reference substance (Ghosh et al, 2003). In addition, the fixed exchange rate regime is the tool to control inflation. However, as the reference value rises and falls, so does the currency pegged to it. According to the Mundell-Fleming model, for countries with complete capital mobility, the fixed exchange rate regime protect the government from using domestic monetary policy on achieving macro-economic stability. 
Merits of fixed exchange rate regime 固定汇率制度的优点
There are many merits when carrying out the fixed exchange rate regime. The merits are focusing on promoting stability, adjusting trade balance, inhibiting speculation, decreasing uncertainty and maintaining monetary discipline(Ghosh et al, 2003).
I. The fixed exchange rate is stability, which can effectively reduce the risk. In specific, there is reliable basis for the settlement of international credit and debt and the calculation on the cost of internal trade. Thus, the fixed exchange can effectively reduce the risk of the significant changes on exchange rate facing by trade or capital exporting and importing. 
II. The fixed exchange rate can adjust the trade balance. In other words, fixed exchange rate can stabilize the international liquidity and the price of import and export.
III. The fixed exchange rate would inhibit the foreign exchange market speculation to some extent. 
IV. The fixed exchange rate can decrease the uncertainty about exchange rate fluctuation. The fixed exchange rate regime can introduce a degree of certainty in the international monetary system by reducing volatility in exchange rates.
V. The fixed exchange rate can maintain the monetary discipline and promote the expected stability on both price level and inflation. 
Demerits of fixed exchange rate regime 
There are many demerits on fixed exchange rate regime (Edwards, 1996; Ghosh et al, 2003).
I. Under the fixed exchange rate regime, the domestic economic goals should obey the international balance of payments. When a country's international payments imbalances, the government will adapt the tight or expansionary fiscal and monetary policy. Thus, the domestic unemployment rate will increase and the price of commodities will also rise. 
II. Under the fixed exchange rate regime, the inflation risks will easily take place. The rising price will increase the cost of export commodities and decrease the export, which will cause the international balance of payments deficit and unstable domestic currency. In order to stabilize the exchange rate, the monetary authorities should put in gold and foreign exchange reserves into the foreign exchange market, which make a great loss on gold and foreign exchange reserves. 
III. Under the fixed exchange rate regime, governments have the duty to maintain the stability of exchange rate, which will weak the policy autonomy of domestic monetary. The fixed exchange rate regime without restricting the control on capital projects will easily cause the monetary and financial crisis. 
Floating exchange rate regimes 
Floating exchange rate regimes refer to the Government does not provide upper and lower limits for the exchange rate fluctuations and the currency’s value follows the fluctuations of foreign exchange market(Ghosh et al, 2003). 
Merits of floating exchange rate regime 
There are many merits of floating exchange rate regimes, which focuses on automatic trade balance adjustments and monetary policy autonomy (Alesina et al. 2006). 
I. Floating exchange regime can guarantee the independence of monetary policy and avoid the public depreciation and the public appreciation of domestic currency. At the same time, government has the monetary policy autonomy and has greater room for realizing the goal of internal equilibrium and external equilibrium at the same time. 
II. Floating exchange rate can help reduce the impact of external and avoid the spread of international inflation. 
III. Government has no obligation to maintain stability of exchange rate, which need less gold and foreign exchange reserves. Thus, floating exchange rate regime can avoid the loss of foreign exchange reserves. 
IV. Government can adjust the automatic trade balance, which can avoid the international financial panic and ensure the stability of the foreign exchange market. 
Demerits of floating exchange rate regime 
I. Under the floating exchange rate regime, the exchange rate will appear sharply excessive fluctuations, which makes the market less stability. Moreover, it is not conducive to make trade and investment. 
II. The risk degree and the costs on preventing risk will increase, which is not conducive to the development of international trade and investment. It is hard to inhibit the foreign exchange market speculation to some extent.
III. All countries will take means of currency devaluation to expand their employment and output, which will destroy the profits of other countries. 
The choice of Diebold
Diebold is a great international company. A good trade and investment condition is one of the most important factors for earing profits. Even though, the transnational flow of capital is controlled by market forces, it is not conducive to make trade and investment. However, the fixed exchange rate regimes are usually used to stabilize the value of a currency against the currency it is pegged to. Thus, the exchange rate can make the trade and investment between two countries easier and more predictable. Moreover, the merits are focusing on promoting stability, adjusting trade balance, inhibiting speculation, decreasing uncertainty and maintaining monetary discipline. Thus, ta fixed exchange rate regime is more suitable for Diebold, which can foster the kind of stability that would facilitate more rapid growth in international trade and investment.
 
Reference
Frankel, J. A. (1999). No single currency regime is right for all countries or at all times (No. w7338). National Bureau of Economic Research.
Edwards, S. (1996). The determinants of the choice between fixed and flexible exchange-rate regimes (No. w5756). National Bureau of Economic Research.
Ghosh, A. R., Gulde-Wolf, A. M., & Wolf, H. C. (2002). Exchange rate regimes: choices and consequences (Vol. 1). MIT Press.#p#分页标题#e#
Alesina, A., & Wagner, A. F. (2006). Choosing (and reneging on) exchange rate regimes. Journal of the European Economic Association, 4(4), 770-799.
此论文免费


推荐内容
  • 英文Assignment和D...

    英文Assignment和Dissertation的写作细节(珍藏版)-Dissertation大体结构-Dissertation写作思路-Dissertati......

  • 从女性黑人说唱音乐中看美国传...

    本文是本站代做的assignment范文,有关女性解放问题。人们都认为黑人女说唱音乐应该不受传统观念的束缚,它应当是创新的、能够促进黑人女性解放的,并且能够提高......

  • 英国assignment格式...

    这是一个动态的模块,这里的学生都将参加在分析现实世界的例子,利用直接观察获得的信息。 本模块考虑的问题,实践文化管理都可能遇到,在他们的组织内,并有助于认识到......

  • 英语专业课程作业assign...

    提供英语专业课程作业assignment格式范例(商务、财经、法律英语方向)-本范例涵盖项目设计及论文写作课程(商务、财经、法律英语方向)第二次作业前五个部分。......

  • 英国assignment指导...

    核心提示:英国assignment指导要怎么写Report(British assignment writing to how to write Report ......

  • 英国法学论文:现代民法变迁来...

    19世纪到20世纪发生了剧烈的社会变迁,以此为基础,民法也发生了相应的变化和调整。如民法的社会化、去法典化以及自由法运动的兴起等等。英国民法应当从这些变化中汲取......