The Mirage of Fixed Exchange Rates
探讨在全球资本扩张背景下维持固定汇率的困难，指出央行虽有资源抵御投机攻击，但若缺乏市场信任，保卫汇率将付出高昂代价，并以1992年瑞典、英国危机和1994-95年墨西哥崩溃为例说明。
This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global capital markets. Contrary to popular wisdom, industrialized-country monetary authorities easily have the resources to defend exchange parities against virtually any private speculative attack. But if their commitment to use those resources lacks credibility with markets, the costs to the broader economy of defending an exchange-rate peg can be very high. The dynamic interplay between credibility and commitment is illustrated by the 1992 Swedish and British crises and the 1994-95 Mexican collapse. The authors also discuss the small number of successful fixers.