A New Breed of Exchange Rate Bands: Chile, Israel and Mexico
记录并分析智利、以色列和墨西哥采用爬行汇率区间的经验，发现从固定汇率转向爬行区间有助于恢复外部竞争力，并对金融市场、通胀预期和汇率传导有稳定作用。
New exchange rate bands Elhanan Helpman, Leonardo Leiderman and Gil Bufman Following inflation stabilization programmes where a fixed exchange rate was used as an anchor, a number of countries have gradually shifted towards a regime of increased flexibility. In particular, Chile, Israel and Mexico have for some years adopted a regime of crawling exchange rate bands. This article documents and analyses their unique experience. Of immediate concern is the question whether the shift from fixed to crawling bands is perceived as the signal of a tilt towards policy relaxation. On the contrary, it could be seen as a way of restoring external competitiveness after a period of real appreciation. The evidence collected in this article supports the latter view. As a way of moving towards a sustainable equilibrium, the shift to crawling bands is found to have had a stabilizing influence on financial markets, on inflation expectations, and on the passthrough from exchange rates to prices.