Choosing an exchange-rate system
回顾了汇率目标制的论点，指出在大多数情况下，自由浮动汇率制比固定汇率制更适合大多数国家，并强调汇率制度选择与可信度问题及货币财政政策选择的关联。
The focus of academic discussions of exchange rate policy has shifted in recent years. The new literature on exchange rate regime choice emphasizes considerations relating to the problems of credibility in exchange rate targeting and the connections between exchange rate regime choices and choices of monetary and fiscal policy. Arguments for exchange rate targeting are reviewed. Under most circumstances and for most countries, a system of freely floating exchange rates is likely to be a better choice than attempting to peg the exchange rate.