Since 1970抯, the tide of finance has swept across the globe. It means capital can flow where gives the highest profits without limitation , which impels the flow of global capital and the extension of the global financial markets. With the global finance going deep and the capital flow being set free, the developing countries which chose pegged arrangement have their cost of maintenance rising . After the financial crises of Mexico in 1994 and of Asia in 1997, the study on exchange arrangement of the developing countries has arisen again. The choice of exchange arrangement has become the unique question of the developing countries. In fact, from the point of material base 棗pure credit standard. contrast of cost and gains the application of 揟he Theory of Optimum Currency Areas?and the ability of risk resistance揈xpectations Self梖ulfilling Currency Crisis ~ we can learn that the floating exchange arrangement is the trend of the global exchange arrangement. We also can know that the floating exchange arrangement is the realistic choice of the developing countries from the point of their realistic stage and the necessity of macroscopic regulation.Written by Xu Nian-rong (finance major)Directed by Wang Guang-wei... |