Exchange Rate Risk, Exchange Rate Regime and the Volume of International Trade
研究了汇率制度对国际贸易量的影响，发现浮动汇率国家间的双边贸易高于固定汇率国家，尽管浮动汇率风险更大，但固定汇率国家的限制性商业政策对贸易的抑制作用更强。
The authors examine the effect of exchange-rate regimes on the volume of internatio nal trade. Bilateral trade flows among countries with floating exchan ge rates are higher than those among countries with fixed rates. Whil e exchange-rate risk does reduce the volume of trade among countries regardless of the nature of their exchange-rate regime, the greater r isk faced by traders in floating exchange-rate countries is more than offset by the trade-reducing effects of restrictive commercial polic ies imposed by fixed exchange rate countries. Copyright 1988 by WWZ and Helbing & Lichtenhahn Verlag AG