The ideas that defined the golden age of market capitalism were formed in the vacuum left by the collapse of the Bretton Woods system of fixed exchange rates in 1971. 这些定义市场资本主义黄金时代的理念,是在1971年布雷顿森林体系(brettonwoodssystem)的固定汇率崩溃后所留下的真空上建立起来的。
Under these arrangements, a gold standard, like a reserve currency system, results in fixed exchange rates between all currencies. 因为实行金本位制的国家将自身的货币与黄金挂钩,所以官方国际储备是黄金。
There are, of course, limits to randomised trials; good luck using one to evaluate the relative merits of fixed and floating exchange rates. 当然,随机试验也有一些局限性;用这种试验来衡量固定和浮动汇率的相对优点就要小心了。
Fixed exchange rates were once the rule for developing countries. 以前发展中国家必须实行固定汇率。
The conference rebuilt the economic order by creating a system of fixed exchange rates. 会议创建的一项固定汇率体系重新确立了经济秩序。
These "tiger" economies had grown fast but had maintained fixed exchange rates, which encouraged external borrowing. 这些亚洲“小虎”经济曾快速增长,但都维持着固定汇率制度,从而鼓励了外部借贷行为。
But the Baltic states are all grimly hanging on to their pegs fixed exchange rates with the euro. 但波罗的海国家死也不放弃钉住欧元的固定汇率政策。
Foreseeing the demise of the Bretton Woods fixed exchange rates system, he wrote a paper in December 1971 on extending futures markets from their agricultural base to the currency markets. 由于预见到布雷顿森林(BrettonWoods)固定汇率体系的终结,他于1971年12月撰写了一篇论文,探讨了期货市场从基础的农业领域向货币市场延展的问题。
Before the Depression, most countries had been on the gold standard, which had fixed exchange rates in terms of the yellow metal. 在大萧条(theDepression)之前,多数国家都实行金本位,也就是货币与黄金的兑换率固定。
And since other currencies were linked to the dollar by the fixed exchange rates of the gold standard, US deflation caused foreign deflation. 而且,由于其它货币按金本位制度下的固定汇率与美元挂钩,美国通货紧缩引发了外国的通货紧缩。
Since the Bretton Woods system of fixed exchange rates collapsed in 1971, some of the most high-profile attempts at global co-ordination have involved trying to stabilise major currencies. 自从1971年布雷顿森林体系(BrettonWoods)之下的固定汇率制度崩溃以来,全球在协同经济方面所做的尝试中,最引人瞩目的一些举措都涉及稳定主要货币汇率。
Several have talked grandly of a sequel to the1944 Bretton Woods conference, which created the post-war system of fixed exchange rates and established the International Monetary Fund and World Bank. 有些人把这次会议夸张地比作为1944年布雷顿会议的续集,那次会议上确定了固定汇率制,建立了国际货币基金组织(IMF)和世界银行,构建了战后金融体系。
The global imbalances and large currency swings in recent years, and the accelerated accumulation of official dollar holdings by countries that have essentially reverted to fixed exchange rates, replicate the conditions that led to both the creation of SDR and the negotiations on an account. 近年来的全球失衡与货币大幅震荡,以及实际上恢复固定汇率制的国家所持有的美元加速积聚,让创立特别提款权和商讨设立替代账户的条件再度出现。
Throughout most of the 19th century, and for part of the 20th century, the world economy operated on a quite rigorous system of fixed exchange rates, known as the Gold Standard. 在整个十九世纪和二十世纪部分时期,世界经济是基于一种严格的固定汇率制度来运作的。
Revaluation refers to fixed exchange rates. 货币的重新估值涉及到固定汇率。
Although today, both fixed and floating rate currencies are used, most exchange is governed by rates set through a managed float. 虽然现如今同时使用固定和浮动利率,但大多数利率采用固定利率并带有一定的浮动。
International economists have been debating whether fixed or flexible exchange rates would be more likely to play the role of automatic stabilizer. 一些国际经济学家一直在争论,究竟是固定汇率还是变动汇率更有可能起自动稳定器的作用。
Officials recall that those countries that suffered most in 2008-9 were those with fixed exchange rates; those that allowed their currencies to fall, such as Poland, rode the recession by promoting exports and reducing imports. 政府官员回忆道,在2008年至2009年损失最大的国家都是那些固定汇率国家;允许本国汇率贬值的国家(例如波兰)则凭借促进出口和减少进口度过了衰退期。
Thus, the gold standard resulted in a system of fixed exchange rates among participating nations. 因此,金本位制导致各参与国之间形成固定汇率制。
Fixed exchange rates have mostly been consigned to the history books, with the main exception of China which keeps the renminbi on a tight leash. 固定汇率基本上已成为历史,中国是一个主要的例外,还对人民币汇率进行严格控制。
The conference at Bretton Woods also resulted in agreement to maintain fixed exchange rates between nations, but this has since been abandoned. 布雷顿森林会议的与会者们还同意在各国之间保持固定的外汇比价,但这一计划后来又放弃了。
The fundamental difference between capital flows under indelibly fixed and flexible exchange rates was well known generations ago, decades before the modern era of globalisation. 恒定汇率和浮动汇率制下,资本流存在根本性的差异,这在当今全球化时代的几十年之前,就已为人们熟知了。
But economic history is littered with examples of fixed exchange rates that came unfixed; the disuniting of currency unions, though rarer, happens from time to time. 然而,经济史不乏这样的先例:固定汇率不再固定,货币联盟解体,虽然越来越少见,但时不时就会发生。
But that clause dated from the 1940s Bretton Woods system of fixed global exchange rates, which the IMF was set up to administer. 但上述条款源自上世纪40年代布雷顿森林体系(brettonwoods)下的全球固定汇率制度当时成立了国际货币基金组织对此进行管理。
It would be better, goes the argument, to choose between irrevocably fixed exchange rates ( or, better still, dollarisation) and freely floating rates. 这种观点认为,最好在完全的固定汇率(或者更好是实行美元化)和自由浮动汇率两者间选择。
The Washington Consensus espoused the then current liberal economic thinking – fixed or quasi-fixed exchange rates, fiscal discipline, free trade, and round after round of privatisations. 华盛顿共识秉持当时流行的自由经济思维:固定或准固定汇率、财政纪律、自由贸易,以及一轮接一轮的私有化。
Since the breakdown of the Bretton Woods system of fixed exchange rates in 1973, exchange rates between major currencies have displayed large fluctuations. 从1973年布雷顿森林体系崩溃以来,各主要国家货币之间的汇率波动十分剧烈。汇率波动呈现出与股票等资产的价格相同的特点,这启发人们将汇率看成是一种资产价格。
The choice between fixed and flexible exchange rates has long been an important issue in international economics. 在国际经济学中,浮动汇率与固定汇率的选择问题一直贯穿于汇率理论的发展历程之中。
Then this part of the system of fixed exchange rates and floating exchange rate system, the variables needed to test models were constructed, in which the data source and processing of a particular description. 接着本部分对固定汇率制度下和浮动汇率制度下所需要进行检验的各个变量分别构建了模型,其中对数据的来源及处理进行了特别的说明。