2022年国际汇率制度与货币政策框架 .pdf

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1、De Facto Classification of Exchange Rate Regimes and Monetary Policy FrameworkData as of July 31, 20061. This classification system is based on members actual, de facto, arrangements as identified by IMF staff, which may differ from their officially announced arrangements. The scheme ranks exchange

2、rate arrangements on the basis of their degree of flexibility and the existence of formal or informal commitments to exchange rate paths. It distinguishes among different forms of exchange rate regimes, in addition to arrangements with no separate legal tender, to help assess the implications of the

3、 choice of exchange rate arrangement for the degree of monetary policy independence. The system presents members exchange rate regimes and monetary policy frameworks to provide greater transparency in the classification scheme and to illustrate the relationship between exchange rate regimes and diff

4、erent monetary policy frameworks. The following explains the categories. Exchange rate regimesExchange arrangements with no separate legal tender精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 1 页，共 17 页 - - - - - - - - - - 2. The currency of another country circulates as the so

5、le legal tender (formal dollarization), or the member belongs to a monetary or currency union in which the same legal tender is shared by the members of the union. Adopting such regimes implies the complete surrender of the monetary authorities control over domestic monetary policy. Currency board a

6、rrangements3. A monetary regime based on an explicit legislative commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate, combined with restrictions on the issuing authority to ensure the fulfillment of its legal obligation. This implies that domestic curre

7、ncy will be issued only against foreign exchange and that it remains fully backed by foreign assets, leaving little scope for discretionary monetary policy and eliminating traditional central bank functions, such as monetary control and lender-of-last-resort. Some flexibility may still be afforded,

8、depending on how strict the banking rules of the currency board arrangement are. Conventional fixed peg arrangements4. The country pegs its currency within margins of 1 percent or less vis-vis another currency; a cooperative arrangement, such as the ERM II; or a basket of currencies, where the 精品资料

9、- - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 2 页，共 17 页 - - - - - - - - - - basket is formed from the currencies of major trading or financial partners and weights reflect the geographical distribution of trade, services, or capital flows. The currency composites can also be stand

10、ardized, as in the case of the SDR. There is no commitment to keep the parity irrevocably. The exchange rate may fluctuate within narrow margins of less than 1 percent around a central rateor the maximum and minimum value of the exchange rate may remain within a narrow margin of 2 percentfor at leas

11、t three months. The monetary authority maintains the fixed parity through direct intervention (i.e., via sale/purchase of foreign exchange in the market) or indirect intervention (e.g., via the use of interest rate policy, imposition of foreign exchange regulations, exercise of moral suasion that co

12、nstrains foreign exchange activity, or through intervention by other public institutions). Flexibility of monetary policy, though limited, is greater than in the case of exchange arrangements with no separate legal tender and currency boards because traditional central banking functions are still po

13、ssible, and the monetary authority can adjust the level of the exchange rate, although relatively infrequently. Pegged exchange rates within horizontal bands5. The value of the currency is maintained within certain margins of fluctuation of more than 1 percent around a fixed central rate or the marg

14、in between the maximum and minimum value of the exchange rate exceeds 2 percent. As in the case of conventional fixed pegs, reference 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 3 页，共 17 页 - - - - - - - - - - may be made to a single currency, a cooperative arrangement, or a

15、currency composite. There is a limited degree of monetary policy discretion, depending on the band width. Crawling pegs6. The currency is adjusted periodically in small amounts at a fixed rate or in response to changes in selective quantitative indicators, such as past inflation differentials vis-vi

16、s major trading partners, differentials between the inflation target and expected inflation in major trading partners. The rate of crawl can be set to adjust for measured inflation or other indicators (backward looking), or set at a preannounced fixed rate and/or below the projected inflation differ

17、entials (forward looking). Maintaining a crawling peg imposes constraints on monetary policy in a manner similar to a fixed peg system. Exchange rates within crawling bands7. The currency is maintained within certain fluctuation margins of at least 1 percent around a central rateor the margin betwee

18、n the maximum and minimum value of the exchange rate exceeds 2 percentand the central rate or margins are adjusted periodically at a fixed rate or in response to changes in selective quantitative indicators. The degree of exchange rate flexibility 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - -

19、- - - - - - - -第 4 页，共 17 页 - - - - - - - - - - is a function of the band width. Bands are either symmetric around a crawling central parity or widen gradually with an asymmetric choice of the crawl of upper and lower bands (in the latter case, there may be no preannounced central rate). The commitm

20、ent to maintain the exchange rate within the band imposes constraints on monetary policy, with the degree of policy independence being a function of the band width. Managed floating with no predetermined path for the exchange rate8. The monetary authority attempts to influence the exchange rate with

21、out having a specific exchange rate path or target. Indicators for managing the rate are broadly judgmental (e.g., balance of payments position, international reserves, parallel market developments), and adjustments may not be automatic. Intervention may be direct or indirect. Independently floating

22、9. The exchange rate is market-determined, with any official foreign exchange market intervention aimed at moderating the rate of change and preventing undue fluctuations in the exchange rate, rather than at establishing a level for it. 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - -

23、 - -第 5 页，共 17 页 - - - - - - - - - - Monetary policy frameworkExchange rate anchor10. The monetary authority stands ready to buy or sell foreign exchange at given quoted rates to maintain the exchange rate at its preannounced level or range; the exchange rate serves as the nominal anchor or intermed

24、iate target of monetary policy. This type of regime covers exchange rate regimes with no separate legal tender; currency board arrangements; fixed pegs with and without bands; and crawling pegs with and without bands. Monetary aggregate anchor11. The monetary authority uses its instruments to achiev

25、e a target growth rate for a monetary aggregate, such as reserve money, M1, or M2, and the targeted aggregate becomes the nominal anchor or intermediate target of monetary policy. Inflation targeting framework12. This involves the public announcement of medium-term numerical targets for inflation wi

26、th an institutional commitment by the monetary authority to achieve these targets.精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 6 页，共 17 页 - - - - - - - - - - Additional key features include increased communication with the public and the markets about the plans and objectives

27、 of monetary policymakers and increased accountability of the central bank for attaining its inflation objectives. Monetary policy decisions are guided by the deviation of forecasts of future inflation from the announced target, with the inflation forecast acting (implicitly or explicitly) as the in

28、termediate target of monetary policy. Fund-supported or other monetary program13. This involves implementation of monetary and exchange rate policies within the confines of a framework that establishes floors for international reserves and ceilings for net domestic assets of the central bank. Indica

29、tive targets for reserve money may be appended to this system. Countries that maintain nominal anchors, exchange rate anchors, monetary anchors, or inflation targeting frameworks are classifies under those respective rubrics. OtherThe country has no explicitly stated nominal anchor but rather monito

30、rs various indicators in conducting monetary policy, or there is no relevant information available for the country. 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 7 页，共 17 页 - - - - - - - - - - De Facto Exchange Rate Arrangements and Anchors of Monetary Policy as of July 31, 20

31、06 1/Exchange Rate Regime(Number of countriMonetary Policy FrameworkExchange rate anchorMonetary aggregate targetInflation targeting frameworkIMF-supported or other monetary programOther2精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 8 页，共 17 页 - - - - - - - - - - es)Exchange a

32、rrangements with no separate legal tender Another currency as legal tender (9) ECCU (6)3CFA franc zone (14)Euro area (12)AustriaBelgiumFinlandFranceGermanyGreeceIrelandItalyLuxembourgNetherlandsPortugalSpainWAEMUCAEMCEcuadorEl Salvador4KiribatiMarshall IslandsMicronesia, Fed. States ofPalauPanamaSan

33、 MarinoTimor-Leste, Dem. Rep. ofAntigua and BarbudaDominica*Grenada*St. Kitts and NevisSt. LuciaSt. Vincent and the GrenadinesBenin*Burkina Faso*C?te dIvoireGuinea-BissauMali*Niger*SenegalTogoCameroon*Central African Rep.Chad*Congo, Rep. of*E精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - -

34、- - - - -第 9 页，共 17 页 - - - - - - - - - - (41)quatorial GuineaGabonCurrency board arrangements (7)Bosnia and HerzegovinaBrunei DarussalamBulgaria* Hong Kong SARDjiboutiEstonia5Lithuania5Other Against a single currency (47)China?6Guyana*7,8Sierra Pakistan?7ArubaBahamas, The9Bahrain, Malta5Mauritania7

35、Namib精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 10 页，共 17 页 - - - - - - - - - - conventional fixed peg arrangements (52) Kingdom of BarbadosBelarus7BelizeBhutanBolivia7, 10Cape VerdeChina?6Comoros11Egypt7EritreaEthiopia7Guyana*7,8Honduras*?7Iraq*7Jordan7KuwaitLatvia5Lebanon

36、7LesothoMacedonia, FYR*7Maldives iaNepal*Netherlands AntillesOmanPakistan?7Qatar Rwanda*Saudi ArabiaSeychelles7Sierra Leone*7Solomon Islands7Suriname7, 9SwazilandSyrian Arab Rep.9Trinidad and Tobago7Turkmenistan7Ukraine7United Arab EmiratesVenezuela, Rep. Bolivariana deVietnam7Zimbabwe9Leone*7Surina

37、me7,8, 9Against a composite ( 5)FijiLibyan Arab JamahiriyaMoroccoSamoaVanuatuPegged Within a cooperative arrangement Other band arrangements (2)HunHungary?Slovak 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 11 页，共 17 页 - - - - - - - - - - exchange rates within horizontal band

38、s (6)12(4)Cyprus5Denmark5Slovak Rep.?5Slovenia5gary?TongaRep.?5Crawling Azerbaijan7Botswana9Costa RicaIran, I.R. of7, 13Nicaragua*Iran, I.R. of7, 13精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 12 页，共 17 页 - - - - - - - - - - pegs (5) Managed floating with no pre-determined pa

39、th for the ArgentinaBangladesh*CambodiaGambia, The7Ghana*7Haiti7Jamaica7Lao P.D.R.9Madagascar*7Malawi*MauritiusMoldova*MongoliaSri Lanka7Sudan TajikistanTunisiaUruguay*Yemen, Rep. of7Zambia*Colombia*Czech Rep.Guatemala7Peru* RomaniaSerbia, Rep. of14ThailandAfghanistan, I.R. of*Armenia*7Georgia*Kenya

40、*Kyrgyz Rep.*Mozambique*7Algeria Angola Burundi* Croatia*Dominican Rep.* Guinea7India Kazakhstan Liberia7MalaysiaMyanmarNigeria7Papua New Guinea7Paraguay* Russian Federation S?o Tom and Pr ncipe*Singapore Uzbekistan9精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 13 页，共 17 页 - -

41、 - - - - - - - - exchange rate (51)Independently floating (25) Albania*Congo, Dem. Rep. ofIndonesiaUgandaAustraliaBrazilCanadaChile IcelandIsraelKoreaMexicoNew ZealandNorwayPhilippinesPolandSouth AfricaSwedTanzania*7JapanSomalia9,15SwitzerlandUnited States精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名

42、师归纳 - - - - - - - - - -第 14 页，共 17 页 - - - - - - - - - - enTurkey* United KingdomSources: IMF staff reports; IMF Recent Economic Developments; and IMF staff estimates.1 An asterisk (*) indicates that the country has an IMF- supported or other monetary program. A dagger (?) indicates that the country

43、 adopts more than one nominal anchor in conducting monetary policy (it should be noted, however, that it would not be possible, for practical reasons, to include in this table which nominal anchor plays the principal role in conducting monetary policy). 2 Includes countries that have no explicitly s

44、tated nominal anchor, but rather monitor various indicators in conducting monetary policy. 3 The ECCU has a currency board arrangement.4 The printing of new colones, the domestic currency, is prohibited, but the existing stock of colones will continue to circulate along with the U.S. dollar as legal

45、 tender until all col n notes wear out physically.5 The member participates in the ERM II.6 On July 21, 2005, China announced a 2.1% revaluation of the renminbi-U.S. dollar exchange rate and a change in its exchange rate arrangement to allow the value of the renminbi to fluctuate based on market sup

46、ply and demand with reference to an undisclosed basket of currencies. To permit a greater role for market forces in determining the renminbi exchange rate, steps have been taken since July 2005 to liberalize and develop Chinas foreign exchange markets, including the establishment of an over-the-coun

47、ter spot foreign exchange market and markets for currency swaps and futures. From end-July 2005 to end-July 2006, the renminbi exchange rate was more flexible, but the fluctuation in the renminbi-U.S dollar exchange rate was less than the 2% range (for a three-month period) used in the IMFs de facto

48、 exchange rate classification system as an indicator for a conventional fixed peg exchange rate arrangement.7 The regime operating de facto in the country is different from its de jure regime.8 There is no evidence of 精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 15 页，共 17 页 -

49、 - - - - - - - - - direct intervention by the authorities in the foreign exchange market.9 The member maintains an exchange arrangement involving more than one foreign exchange market. The arrangement shown is that maintained in the major market.10 This is a de facto classification resulting from th

50、e methodology described in Appendix II of this document. The Bolivian authorities consider their regime as a crawling peg and have not committed to the current level of the exchange rate.11Comoros has the same arrangement with the French Treasury as the CFA franc zone countries.12 The bands for thes