浮动汇率能够更好地抵御金融危机冲击--来自此次全球金融危机的证据

摘要

在此次全球金融危机中，实行浮动汇率的“通胀目标制”国家的表现要优于实行固定汇率的国家。就实际GDP增长率及其波动性来看，实行“通胀目标制”的国家与实行硬钉住汇率的国家的差异性并不显著，但是，二者在通胀率和失业率的变化以及通胀率、名义GDP增长率和失业率的波动性等方面具有显著的差异性，浮动汇率能够更好地抵御金融危机的冲击。%Amid this global financial crisis, the countries implementing “inflation targeting” with floating ex-change rate had better performance than those implementing fixed exchange rate. In terms of actual GDP growth rate and its volatility, there is no significant difference between the countries implementing“inflation targeting”and those with hard pegs. However, there is prominent difference between them in terms of changes in inflation and unemploy-ment rate, and volatility in nominal GDP growth rate and unemployment rate. The floating exchange rate can better with-stand the impact of the financial crisis.