| As an important link connecting domestic and foreign economy, exchange rate is playing more and more crucial roles in micro economy, balance of payments, price level and employment. Therefore, the study on choices of RMB exchange rate regime is a hot topic in economic filed and it has theoretical and practical significance.The main content of this paper includes reviewing the history of exchange rate regime of the world, analyzing the advantages and disadvantages of current regime and discussing how to choose RMB exchange rate regime at the changing economical situation. Four chapters are included in this paper:Chapter one is the outline and history background of exchange rate regime. It mainly introduces the concept, classification and relative economic factors of exchange rate regime and it also clearly analyzes the history development of international exchange rate regime with the help of forms.Chapter two is the theory development of choices on exchange rate regime. It includes the discussing between fixing and floating exchange rate regime, theory of optimum currency areas, exchange rate target zone, Mundell-Fleming model, nominal anchor theory, hypothesis of public reliance, doctrine of riginal sin, fear of floating theory, and hypothesis of vanishing interim edited regime. Among these theories, exchange rate target zone and Mundell-Fleming model are emphasized in order to further discuss the choices of RMB exchange rate regime.Chapter three is the history development and current analysis of RMB exchange rate regime. The regime between 1994 and 2005 is emphasized for further discussion in next chapter.Chapter Four is the choices of RMB exchange rate regime and it is the core of this paper. It includes the following point of views as per development stage: fixed pegging a sole currency, referring to a currency basket, exchange rate target zone,... |
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